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Old 04-21-2008, 12:18 PM
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Need help with simple Economics problem! could you help?

10) The quantity of workers employed will be highest if the labor market is characterized by:
A) monopsony
B) pure competition
C) monopoly
D) bilateral monopoly

12) A profit maximizing firm that makes and sells compact discs pays a wage of $750 per week and the price of its output (compact discs) is $15 per unit. The firm is a wage taker. Based on this information, you can determine that the marginal product of the last worker hired is:
A) 50 compact discs
B) 15 compact discs
C) $15
D) $50

14) A firm is a monopoly in the output market. The type of labor market it will face is:
A) purely competitive
B) monopsony
C) monopoly
D) any of the above

16) The firm's demand curve for labor is the same as its
A) total product curve
B) marginal revenue product curve
C) marginal product curve
D) marginal cost curve

please help thanks!
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