Product Curve - 66. Suppose that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor. A new total product curve would have to be drawn: A) above the old with a steeper slope for any level of employment greater than zero. B) above the old with a flatter slope for any level of employment grea...

#14 Long-Run Equilibrium - Competitive markets - in a competitive market with a downward sloping demand curve, a tax that increases the fixed cost of every firm will: a) reduce the number of firms supporting long run equilibrium b) increase the long-run equilibrium price. c) not cause the number of firms supporting long-run equilibrium to change d) answers a and b e) answers b and ...

31- Monopolist behavior - If a viable monopolist must pay a new franchise tax ( a flat sum to operate), he will unless profits fall below zero: a) increase output. b) decrease output. c) lower price. d) make no change in price or quantity, but earn less profits e) raise price to keep profits at the same level.