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The basic idea of Adam Smith& invisible hand is that Dire poverty and income inequalities are inevitably a part of a free market

The basic idea of Adam Smith “invisible hand" is that: a. Dire poverty and income inequalities are inevitably a part of a free market. b. There is a force inherent in government with seeks to achieve social usefulness. c. Population increase is an important determinant of a country's development. d. The pursuit of private interests by individuals and firms can lead to socially desirable ends. e. A free, competitive economy cannot allocate resources efficiently without government planning Problem 2. The question below (21) is based on the following demand schedule for a monopolist: P ($) (1) Q (units) (2) TR ($) (3)=(1)(2) MR (S) (4) 150 140 130 120 110 Where: Pis Price; Q is Quantity: TR is Total Revenue; MR is Marginal Revenue. 21. The marginal revenue associated with the sale of the third unit is: a. $390. b. $290 c. $190. d. $110. e. $100. Problem 3. The question below (28) is based on the following information for a firm under conditions of perfect competition: Number of workers MP of L Product's Price (3) The value of MP of (4) (2) (3) 29. If the price of the product is $5 per unit and the firm must pay $40 per worker employed, how many workers should the firm hire to maximize profits? a. 14. b. 13. c. 12.

Feb 01 2020 View more View Less

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