Problem on Competition and Social Welfare

Can someone please help me in finding out the accurate answer from the following question. The purely competitive organization in the output market which hires from a purely competitive labor market will utilize labor at the point where VMP = W since the firm: (i) Functions in society's best interest. (ii) Wish to be fair to the workers. (iii) Is the egalitarian institution. (iv) Tries to maximize the gains.

View Complete Question

Related Questions in Microeconomics

Q : Market initially at price and quantity

This market for peanuts is primarily into equilibrium at price: (w) P0 and quantity Q0 (x) P1 and quantity Q0 (y) P2 and quantity Q2 (z) P1 and quantity Q1

Q : Minor Inefficiencies in Monopolistic

Minor inefficiencies generated since monopolistic competitors differentiate their products may be more than offset through the: (w) increase in economic equity. (x) expansion of the psychologically-meaningful choices obtainable to consumers. (y) reduc

Q : Income elasticity and inferior goods

Raises in real income that causes the demands for: (i) inferior goods to shift upward and to the left. (ii) normal goods to shift upward and to the right. (iii) substitute goods to shift upward and to the right. (iv) complementary goods to decline mor

Q : Long run economic profits for

Long run economic profits for monopolistic competitors are prohibited by: (w) easy entry and exit. (x) the kinked demand curve. (y) barriers to entry. (z) diminishing marginal returns. Please choos

Q : Profit-maximizing output for economic

Babble-On maintains world-wide patents for software which translates any of 314 spoken languages in text, along with automatic audio and text translations within any of the other three-hundred-thirteen languages. When Babble-On produces its profit-maximizing o

Q : Shutdown point of monopoly firm A

A monopoly firm must shut down in the short run when: (w) P < minimum [average total costs [ATC]]. (x) P > minimum [average total costs [ATC]]. (y) this cannot cover all variable costs. (z) P does not equal marginal costs [MC].

Q : Influence of Demand in the market price

I have a problem in economics on Influence of Demand in the market price of good. Please help me in the following question. In short run, a demand curve would not shift the following a change in: (i) The size and distribution of national income. (ii)

Q : Resources and Products Flow Model I

I have a problem in economics on Resources and Products Flow Model. Please help me in the following question. The eventual owners of all resources and products in the society are as follows: (i) households. (ii) Firms. (iii) The tax-paying public. (iv

Q : Corollary of the law of equal marginal

The corollary of the law of equal marginal benefit is the principle of: (1) Equal marginal utilities per dollar. (2) Diminishing marginal utility. (3) Income injection. (4) Substitution in demand. (5) Diminishing returns. Can someo

Q : Unitarily elasticity in supply curve At

At point b, in demonstrated figure the supply curve into this graph is: (w) perfectly elastic. (x) elastic, but not perfectly that why. (y) unitarily elastic. (z) inelastic.

Discover Q & A

Leading Solution Library

Avail More Than 1440891 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1950707
Asked

3,689

Active Tutors

1440891

Questions
Answered

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

Submit Assignment