A monopoly is inefficient because:
a. consumers are forced to pay higher prices for products
b. firms are able to earn economic profits.
c. the cost of increased production is less than the value that society places on it.
d. price exceeds marginal revenue.
c
Economics
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If the minimum wage exceeds the equilibrium wage, then
A. there will be no unemployment. B. the minimum wage will not be binding. C. the quantity supplied of labor will exceed the quantity demanded. D. the quantity demanded of labor will exceed the quantity supplied.
Economics
According to Marx, which of the following factors of production did not contribute anything of value to production?
A) capital B) entrepreneurship C) natural resources D) labor
Economics