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Exhibit 0176 Units of Variable Resource 3. In Exhibit 0176, if the wage is $24 and does not vary regardless of the number of workers hired, how many workers will be hired by a prot-maximizing rm assuming wages are the only costs to the rm of hiring labor? a. 2 b.4 c.5 d.9 4. If the marginal social cost of producing a product exceeds the marginal social benet of consuming it, social welfare is: a. increased by reducing output b. increased by expanding output 0. unchanged by expanding or reducing output d. increased by keeping output the same 5. Which of the following statements is true of a monopolist? a. The rm charges the highest possible price b. The rm always earns a prot c. The rm can make prots in the long run d. The rm is more productively efcient than a perfectly competitive rm 6. Which of the following is not considered a barrier to entry that can create a monopoly? a. patents b. government licenses c. economiesofscale d. diseconomies of scale e. control over essential resources ,4