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Exhibit 11-12 A monopsonist ​ ​ In Exhibit 11-12, suppose this labor market is unionized by a powerful union which forces a wage of $35 upon the industry. The firm would respond by hiring ____ workers and paying a wage of ____.

Exhibit 28-3 Potatoes and wheat output (tons per day) Country Potatoes Wheat United States 4 2 Ireland 3 1 ​If each nation in Exhibit 28-3 specializes in producing the good for which it has a comparative advantage, then:

A merger between two firms with unrelated products is a

Exhibit 28-1 Production possibilities curves ​ ​ In Exhibit 28-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. Suppose Nabia produces at point A on its PPC. How many units of wheat is the country able to produce?

The profit-maximizing monopolistic competitive firm produces the level of output at which

Does the monopolistic competitive firm exhibit resource-allocative efficiency?

Monopolistic competition is inefficient because:

The process of negotiating labor contracts between the union and management concerning wages and working conditions is called:

Outcome 4 Recognize the ways in which firm behavior and efficiency are affected by differing market structures.   In which of the following industries does an individual firm not have an incentive to advertise by itself?