Question 19 (2 points) Which of the following markets is an example of a perfectly competitive market? Fast-food hamburgers Shares of McDonald's stock Dining chairs Apple computers Question 20 (2 points) What will happen in the market for nurses in the United States if capital equipment replaces nurse labor to monitor vital statistics on patients in hospitals? Labor demand will decrease, resulting in lower wages and fewer hours of employment for nurses. Labor demand will increase, resulting in higher wages and more hours of employment for nurses. Labor supply will decrease, resulting in higher wages and fewer hours of employment for nurses. Labor supply will increase, resulting in lower wages and more hours of employment for nurses. Question 21 (2 points) Mergers harm society when they lead to O price reductions cost savings a higher number of companies increased market power. Question 23 (2 points) Pedro attends a university that provides antivirus software to all students, faculty, and staff for their personal computers as well as all university-owned computers. Why would the university pay for the protection of the personal computers of students, faculty, and staff? Having this extra perk from being associated with the university makes it easier to attract high-quality students, faculty, and staff. It reduces the cost of operations for the university because it can thereby buy software in bulk. It reduces the number of viruses on university-owned computers by reducing the probability that viruses will spread through files transferred from personal computers to university-owned computers and systems. Reducing the spread of viruses across campus promotes health among students and decreases absenteeism, which improve educational outcomes on campus. Question 24 (2 points) In a perfectly competitive market, a company's marginal revenuc equals power, marginal revenue is For a company with market price, less than price Oprice greater than price marginal cost; greater than marginal cost marginal cost; less than marginal cost