A graph is shown with hourly wage in dollars on the vertical axis and number of workers per day on the horizontal axis. The axes are labeled from 0 to 60 in increments of 5 with vertical and horizontal reference lines drawn to form a grid. Two lines are plotted from the origin increasing linearly to the right, with the upper line labeled marginal factor cost and the lower line labeled supply of labor. A third line labeled marginal revenue product is plotted starting in the upper left at 5 workers and 55 dollars and decreasing to the right, intersecting the marginal factor cost line at 20 workers and 40 dollars and then intersecting the supply of labor line at 30 workers and 30 dollars. The graph above shows a monopsony labor market. In the absence of any regulations, which of the following represents the number of workers the firm will hire and the wage rate it will offer to those workers? 

At the current output level, a firm finds that it has the potential to increase its profit by expanding output. If P = price, MR = marginal revenue, and MC = marginal cost, which of the following must hold at the current output for this firm?

If total revenue is increasing as output increases, marginal revenue is always

Assume that a profit-maximizing, perfectly competitive firm has economic losses in the short run. If the firm continues to produce and sell its goods, then which of the following must be true?

A perfectly competitive firm finds that for the last shirt that it produces and sells, the marginal revenue is $20  and the marginal cost is $22. The firm should

Which of the following situations would necessarily lead to an increase in the price of peaches?

If the price for a product produced in a competitive market increases, which of the following is most likely to occur in the labor market for workers who produce that product?

Which of the following ignores implicit costs?

Which of the following best describes a perfectly competitive market?

In most cases the supply curve for a perfectly competitive industry can be described as which of the following?