Columns 1 and 2 make up a portion of a monopolist's production function for a single variable input, labor. Columns 2 and 3 represent the demand function facing the monopolist over this range of output: If the monopolist faces a fixed wage rate of $300, how many units of labor will the firm employ?
A. 3 units
B. 4 units
C. 5 units
D. 6 units
E. 7 units
Answer: B
Economics
You might also like to view...
A limitation of the discount rate as a policy tool is that the initiative for its use rests with
A) commercial banks. B) consumers. C) the U.S. Treasury. D) state governments.
Economics
A group of firms that collude to limit competition is called a(n):
a. conglomerate. b. oligopoly. c. cartel. d. kinked demand. e. market concentration.
Economics