39) Exhibit 8-19 Long-run perfectly competitive industry 25 's 20 Price per unit (dollars) 15 10 D, 10 15 20 25 30 35 Quantity of output (thousands of units per week) As shown in Exhibit 8-19, assume that a perfectly competitive industry is in long-run equilibrium at point A and the demand curve shifts from Dị to D2. Which of the following is a part of the industry adjustment process? O The price will temporarily rise at point B. New firms will enter the industry. Firms will temporarily make positive economic profits. All of these. 33) Exhibit 8-7 A firm's cost and MR curves мс ATC 25 22 MR Cost, revenues (dollars) Quantity In Exhibit 8-7, if this firm is currently producing 20 units of output, this firm: O is at its profit-maximizing point. is earning a $3 profit on each item sold. is losing $3 on each item sold. should shut down. is earning a total profit of $3.
1. For a
price minus marginal cost |
price times marginal revenue.
|
price times marginal product.
|
none of these.
|
2. An argument in favor of
3. Since World War II, the percentage of U.S. workers who are unionized has declined from about 86 percent to its current level of 60 percent. (T/F)
4. Which of the following statements is true?
A monopsony is the only employer of a factor of production. |
A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market.
|
A monopsony has a marginal factor cost curve which lies below its supply curve of labor.
|
Unions are becoming a greater influence in American labor markets.
|
All of these.
|
5. The
total revenue is maximized |
total cost is minimized.
|
marginal cost is minimized.
|
marginal revenue equals marginal cost.
|
6. In the short run, the profit maximizing (or minimizing) quantity of output for any firm to produce exists at that output level at which marginal revenue equals marginal cost. (T/F)
7. A monopsony owner believes that hiring an additional worker would increase the company's revenue by $150 per day. We can conclude that the monopsony pays its workers:
![39) Exhibit 8-19 Long-run perfectly competitive industry
25
's
20
Price
per unit
(dollars)
15
10
D,
10 15 20
25 30 35
Quantity of output
(thousands of units per week)
As shown in Exhibit 8-19, assume that a perfectly competitive industry is in long-run equilibrium at
point A and the demand curve shifts from Dị to D2. Which of the following is a part of the industry
adjustment process?
O The price will temporarily rise at point B.
New firms will enter the industry.
Firms will temporarily make positive economic
profits.
All of these.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4bd276e6-80d1-4a39-8b23-ef2ab7ab097e%2Fae0aec27-f575-4440-b7ba-8855ed9b4d2b%2Fkhfiz.png&w=3840&q=75)
![33) Exhibit 8-7 A firm's cost and MR curves
мс
ATC
25
22
MR
Cost,
revenues
(dollars)
Quantity
In Exhibit 8-7, if this firm is currently producing 20 units of output, this
firm:
O is at its profit-maximizing point.
is earning a $3 profit on each item
sold.
is losing $3 on each item sold.
should shut down.
is earning a total profit of $3.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4bd276e6-80d1-4a39-8b23-ef2ab7ab097e%2Fae0aec27-f575-4440-b7ba-8855ed9b4d2b%2Fnibd2iu.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
![Micro Economics For Today](https://www.bartleby.com/isbn_cover_images/9781337613064/9781337613064_smallCoverImage.gif)
![Essentials of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337091992/9781337091992_smallCoverImage.gif)