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The Frangle Industry Is a Monopoly, with a Demand Curve

question 17

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The frangle industry is a monopoly, with a demand curve 100 - p, where p is the price of frangles.It takes one unit of labor and no other inputs to produce a frangle.The Frangle-Makers Guild is a strong union.The guild sets a wage and prevents anyone from working for less than that wage.The frangle monopoly must pay that wage but can hire as much labor as it chooses to.If the guild chooses a wage so as to maximize the total earnings (wage times number of units of labor hired) of frangle makers, then

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Definitions:

Sensorimotor Thinking

A stage in cognitive development where infants understand the world through their sensory experiences and motor actions.

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A tendency to be cautious or suspicious of people one does not know.

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A developmental stage in infants characterized by significant milestones such as beginning to babble, showing stranger anxiety, and developing a stronger sense of object permanence.

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The first language a person learns at home in childhood which they are most fluent and comfortable with.

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