Columns 1 and 2 Make Up a Portion of a Monopolist's

question 99

Multiple Choice

Columns 1 and 2 make up a portion of a monopolist's production function for a single variable input,labor.Columns 2 and 3 represent the demand function facing the monopolist over this range of output: $\begin{array}{c}\begin{array}{c}(1) \\\text {Units of Labor}\\3 \\4 \\5 \\6 \\7\end{array}\begin{array}{c}(2) \\\text {Units of Output}\\370 \\490 \\570 \\600\\620\end{array}\begin{array}{c}(3) \\\text {Price}\\\$10\\9\\8\\7\\6\end{array}\end{array}$
If an increase in consumers' income increases product price by $2 at each level of output,how many units of labor will the firm employ at a wage rate of $300?

• A)3
• B)4
• C)5
• D)6
• E)7

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Definitions:

Primate Species

Members of the mammalian order Primates, which includes humans, apes, monkeys, and prosimians, characterized by large brains, forward-facing eyes, and dexterous hands.

Homo Floresiensis

An extinct species of small-statured humans that lived on the Indonesian island of Flores until approximately 50,000 years ago.

Hypotheses

Tentative explanations that can be tested through experimentation or observation.

Origin

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