If both the demand for labor and the supply of labor increase, then the equilibrium wage rate ________ and the equilibrium quantity of labor ________.

The total output of soap in Sally’s soap shop increases from 10 per hour to 30 per hour as she hires the second worker. The price of each bar of soap is $2. The

Use the figure above to answer this question.  If the firm is maximizing profit, it will produce ________ units and make an economic profit of ________.

**Which of the following statements is correct regarding profit-maximizing firms in the long run?

Alpha and Beta are the only firms selling perogies in Pittsburgh. Each firm must decide on whether to offer a discount to students to compete for customers. If one firm offers a discount but the other does not, then the firm that offers the discount will increase its profit. The table shows the payoff matrix for this game.Does Alpha have a dominant strategy and if so, what is it?

A single-price monopoly can sell 2 units for $8.50 per unit. In order to sell 3 units, the price must be $8.00 per unit. The marginal revenue from selling the third unit is  

The demand curve for an individual seller’s product in perfect competition is  

Figure 18-1On the graph, L represents the quantity of labor and Q represents the quantity of output per week. Refer to Figure 18-1. Suppose the firm sells its output for $25 per unit, and it pays each of its workers $1,000 per week. Also, the firm’s non-labor costs are fixed and they amount to $2,000. The firm maximizes profit by hiring

 In perfect competition,  

  The figure above shows a perfectly competitive firm. If the market price is $40 per unit, then the firm produces ________ units and makes an economic profit that is ________.