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Monopolistic competition and perfect competition are different in that
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only monopolistically competitive firms advertise
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the success of a cartel rests upon
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inducing all members to limit their combined output and charge the same price
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when the fix is guarding the henhouse, that is an example of
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capture hypothesis
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Ajax has just discovered that the marginal revenue product generated by the last worker hired was $125 while the marginal factor cost
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increase the amount produced
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which of the following would be considered income in kind?
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food stamps
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which of the following constitutes an external cost of driving an automobile
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pollution
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economic profits are found by total revenues minus
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explicit and implicit costs
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a firms long run average cost curve is
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the locus of points representing the minimum unit cost of producing any given rate of output when all inputs may be adjusted
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a firm should never produce any output if
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P<AVC
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Statement concerning a monopolist
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a monopolist will charge the highest price at which any individual will purchase the product
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the major similarity between monopolistic competition and perfect competition is
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that both assume many buyers and sellers
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a market situation in which there are a few large firms is called
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oligopoly
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the hypothesis that regulators eventually adapt policies that benefit the producers in the industry is known as the
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capture hypothesis
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the additional revenue a firm obtains when it hires am additional worker ( holding other inputs constant) is the
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MRP of labor
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not a reason for declining union membership in the US
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the AFL-CIO merger and creation of the Change to Win Federation reduced competition among unions
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if a employer pays employees according to the volume of business revenue they individually generate, then the employer is applying the
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productivity standard
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the longer any price change persists, the
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greater is the price elasticity of demand
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to remain in consumer optimum
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a price decrease requires an increase in consumption
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economic profits are equal to
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total revenues minus the implicit and explicit costs of all inputs used
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an increase in long run average costs resulting from increases in output is
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attributed to diseconomies to scale
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