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CLASSOF1 [MICROECONOMICS: LONABLE FUNDS]
Multiple choice questions related to purely competitive firm, resources,
productivity, loanable funds, interest rate, Profit- maximizing businesses,
Economic profits, production possibilities curves.
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1. Compared to a purely competitive firm, a monopolist will pay:
a. a higher wage rate to its workers.
b. lower wages but hire more workers than the purely competitive firm.
c. lower wage rates and hire fewer workers than the purely competitive firm.
d. lower wages while hiring the same quantity of workers as the purely competitive firm.
2. The supply curve for a productive resource in any particular use is likely to be: