1. In a monopolistic labor market, workers are paid a wage:
A) above their MFC
B) equal to the intersection of MRP and S
C) below their MRP
D) equal to the price of the output
E) equal to the MFC
2. If the demand for the finished product increases, the:
A) MP will increase
B) demand for the resources will decrease
C) demand for the resources will increase
D) marginal factor cost will decrease
E) marginal factor cost will increase
3. Economic regulation occurs when:
A) monopoly is the optimal market structure
B) the product price, if left unregulated, would be too low
C) the government owns the assets of the industry
D) the product is important to economic welfare
E) the industry is highly competitive
4. The landmark antitrust case which established that size alone is not sufficient to prove an antitrust violation is the:
A) U.S. Steel case
B) Von's Grocery case
C) Pabst Brewing case
D) ALCOA case
E) Brown Shoe case