1.In a competitive market for the models discussed in class, what happens to the equilibrium nominal wage?

A. It differs among industries.

B. It is determined by the intersection of curves representing the demand for and the supply of imports.

C. It is the same in all industries.

D. It is equal to the marginal product of the labor.

(Scenario: A Monopolist) A monopolist faces a demand curve given byP= 20-Qand has total costs given byTC=Q2.

2.What is its profit-maximizing price and quantity?

A. $15, 5 units

B. $10, 10 units

C. $5, 15 units

D. $20, 40 units