Price takers in product market

I have a problem in economics on Price takers in product market. Please help me in the following question. Relative to firms which are price takers in product market, and then firms with market power tend to. (1) Hire some workers (2) Pay a lower wage (3) Pay a higher wage. (4) Hire more workers.

What is the correct option.

View Complete Question

Related Questions in Microeconomics

Q : Relationship between MC and ATC What

What happens to ATC if MC < ATC? Answer: ATC will down or fall.

Q : Define Inferior good Inferior good : It

Inferior good: It is a good for which, other things equivalent, a rise in income leads to a reduction in demand.

Q : Harrod-DOMAR ????? ???? ?? ?????????

Harrod-Domar ????? ???? ?? ????? ????????? ?? ?????. ???? Harrod Domar ???? ??????? ???? ?? ???? ?? ????? ???? ???

Q : Why demand curve face monopolistically

Why is demand curve facing a monopolistically competitive firm probable to be very elastic?

Q : Means of monopolistic competition

Select the right answer of the question. Monopolistic competition means: 1) a market situation where competition is based entirely on product differentiation and advertising. 2) a large number of firms producing a standardized or homogeneous product. 3) many firms pro

Q : Income Elasticities of Demand Question:

Question: (a) Suppose the income elasticity of demand for pre-recorded music compact disks is +4 and the income elasticity of demand for a cabinet maker's work is +0.4. Compare the impact on pre-recorde

Q : Law of Diminishing Merginal utility Law

Law of Diminishing Merginal utility: This states that as consumer consumes more and more units of commodity, the utility derived from each and every successive unit goes on decreasing. According to this law TU increases at decreasing rate and the MU d

Q : Ecomomics Which one of the following

Which one of the following statements about discretionary fiscal policy is correct? A. Discretionary fiscal policy refers to changes in taxes and government expenditures made by Congress to stabilize the economy. B. Discretionary fiscal policy refers to any change in government spending or taxes

Q : Problem relating to Exploitation I have

I have a problem in economics on Problem concerning Exploitation. Please help me in the given question. Whenever resource suppliers are salaried less than the values of their marginal products [or VMPs], then they are stated to be: (p) Monopsonistic. (q) Monopolistic.

Q : Minimum wage law for poor workers A

A minimum wage law does NOT make pressures which tend to: (1) benefit high wage workers. (2) cause unemployment among unskilled workers. (3) uniformly help poor workers. (4) increase teenage unemployment. (5) foster discrimination.

Discover Q & A

Leading Solution Library

Avail More Than 1412682 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1950266
Asked

3,689

Active Tutors

1412682

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment