The following two questions refer to the data in the table below. A perfectly competitive firm operates with a fixed amount of capital that costs $1,000 per day. Labor is the only variable input. The firm hires labor in a perfectly competitive labor market at $100 per day per worker. The table below shows the firm’s production function. Table: Perfectly Competitive fFrm Number of Workers Hired Quantity of Output (units) 0 0 1 10 2 30 3 54 4 75 5 85 6 90 The firm will maximize profit in the short run if it

Good X is produced in a perfectly competitive industry in long-run equilibrium. If the consumption of good X generates positive externalities, the private market will produce

The monopsonist’s marginal factor (resource) cost curve for labor is

Which of the following is an example of a good that is nonexcludable and rival in consumption?

Question is based on the chart below for a firm that is perfectly competitive in both the labor and product markets, showing how much daily output a firm can produce using different numbers of workers. Table: Perfectly Competitive Firm in Both the Labor and Product Markets Number of Workers Output 1 3 2 9 3 16 4 21 5 23 6 24 If output sells for $20 per unit and the daily wage is $100 per worker, how many workers should the firm hire to maximize profit?

A factor of production will NOT earn economic rent when its supply is

A society that wishes to achieve greater income equality is most likely to have which of the following?

Assume that many boats have free and open access to fishing in the waters of a country. Which of the following statements is true?

Robots and workers are substitutes in production and are both variable inputs. Both robots and workers are hired in perfectly competitive factor markets. If the daily rental price of robots increases, which of the following will most likely happen to wages paid to workers and the number of workers employed in the short run? Table: Wages and Number of Workers Employed Wages Number of Workers Employed A Decrease Decrease B Decrease Increase C Increase Decrease D Increase Increase E No change No change

Which of the following actions is most likely to reduce the degree of income inequality within a society?