Question 61 C An oligopoly is domin similar but not identical products. EA network good is a good whose value to Question 62 Here are three statements, each of which may be true or take . Voluntary cartels usually collapse slowly. to cheating by their members. Voluntary cartels are subject to competition from new entrants to the Choose the correct option from the list below. I 's true, but Il and Ill are false. I and Il are true. but Ill is false. I and Ill are true. but I is false. All three statement Question 63 our A market is contest business from the incumbent. Contestability of a market increases to the extent fixed costs of market entry are low, relative to pot there are few or no legal barriers to entry the incumbent has a unique, hard-to-replicate resource consumers are open to the prospect of dealing with a ne DA Question 64 competitive labor ma Your un front-maximizing entrepreneur rents an apple orchard for a day. He is a price by the day ithe variable ingurl to pick apples (the products The Production number of bushels of apples picked) looks like this: Laborers Total product aired per day (bushels of apples per day 20 busheld of the c 8 1917 C 10 True Question 65 Questions 64-67 test your u by the day (the variable incurl to pick apples ( the product). The produ aship between the number of laborers hired and the number are shotsfor aup between the number of laborer Laborers Total product hired per day (bushels of apples per day) 20 Now assume a bushel of apples sells for $10. 65. What is the man conth laborer? A $200 B $191.70 C $100 OA OC Question 66 Questions 64-67 test your un and for labor in a taker in both the market for labor and the market for apoles, Laborers are hires by the day (the variable input) to pick apples (the products. The production number of bushels of apples picked) looks like this Total product Laborers T tired per day (bushels of apples per day) 10 20 Now assume a bushel of apples sells for $10. 66. What is the marginal pro A $200 $191.79 C $100 OC Question 67 Questions 64-67 test your un the demand for labor in a A profit-maximizing entr our rents an apple orchard for a day. He is a price by the day (the variable inputl to pick apples (the product). The production number of bushels of apples picked) looks like this Laborers Total product hired per day (bushels of apples per day) 10 12 Now assume a bushel of apples sells for $10. If the wage rate were $120 per day. how 12 OC Question 68 68. The demand for a par alar sort of labor technological change the supply of other factors of product the supply of that sort of labor OC Question 69 69. The supply of a particular sort of labor is NOT determined by A changes in workers' preferences for leisure immigration portunities for earning a living the demand for that sort of labor OD Question 70 70. Which statementis] below is fare] TRUE? IChoose one or more A For most people most of the time leisure is a normal good. members were skilled and made up a smal proportion of the firm's labor force Occupational licensing has the effect of raising wages and reducing