The Frangle Industry Is a Monopoly, with a Demand Curve

question 17

Multiple Choice

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

• A)the price of frangles will be $50.
• B)the price of frangles will be $25.
• C)the price of frangles will equal the wage rate.
• D)the wage rate will be $25.
• E)the wage will be $50.

Learn the significance and usage of tags in data management and web design.

Comprehend the formats and compatibility issues among various versions of software applications.

Recognize the utility of diagrams and templates in organizing and presenting information.

Grasp the fundamental concepts of database management systems.

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