The total output of soap in Sally’s soap shop increases from 25 per hour to 45 per hour as she hires the second worker. The price of each bar of soap is $3. The

Figure 18-9   Refer to Figure 18-9. If the price of apples decreases, the

Figure 18-6 Refer to Figure 18-6. The graph above illustrates the market for bakers who make homemade breads and breakfast pastries. If the wages paid to wedding cake bakers increase, what happens in the market for bread bakers?

A perfectly competitive firm is producing 50 units of output and selling at the market price of $23. The firm’s average total cost is $20. What is the firm’s economic profit?    

The figure above shows cost and demand curves for a monopolistically competitive producer of iced tea. At the profit-maximizing output level, the firm in the figure above will

The total output of soap in Sally’s soap shop increases from 20 per hour to 30 per hour as she hires the second worker. The price of each bar of soap is $2. The

A change in the wage rate

Suppose OPEC has only two producers, country “S” and country “E”. Country “S” has far more oil reserves and is the lower-cost producer compared to country “E”. The payoff matrix the table shows the profits earned per day by each country. “Low output” corresponds to producing the OPEC assigned quota and “high output” corresponds to producing the maximum capacity beyond the assigned quota.What is the Nash equilibrium in this game?

The table shows the payoff matrix for Firm W and Firm T from every combination of pricing strategies for a popular gaming system. At the start of the game each firm charges a low price and each earns a profit of $7,000. Is the current strategy in which each firm charges the low price and earns a profit of $7,000 a Nash equilibrium? If not, why and what is the Nash equilibrium?

If the supply of labor increases, then the equilibrium wage rate ________ and the equilibrium quantity of labor ________.