If a professional organization imposes strict licensing procedures that increase entry costs for new members, then labor
a. supply will fall, and the equilibrium wage rate will rise
b. supply will fall, and the equilibrium wage rate will fall
c. supply will rise, and the equilibrium wage rate will fall
d. demand will rise, and the equilibrium wage rate will rise
e. demand will rise, labor supply will fall, and the equilibrium wage rate will rise
A
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Suppose a monopoly sells to two identifiably different types of customers, A and B, who are unable to practice arbitrage. The inverse demand curve for group A is PA = 10 - QA, and the inverse demand curve for group B is PB = 18 - QB
The monopolist is able to produce the good for either type of customer at a constant marginal cost of 2, and the monopolist has no fixed costs. If the monopolist practices group price discrimination, the profit maximizing prices charged to each type of customer are A) PA = 6, and PB = 10. B) PA = 4 and PB = 8. C) PA = 10, and PB = 6. D) PA = 8, and PB = 4.
Which of the following factors would shift the supply curve for ice cream to the right?
a. a new cooling technology emerges b. the price per unit increases c. the number of producers in the market for ice cream increase d. Both A&C