Which statement is not characteristic of perfect competition? a. there are many producers; one firm has a 25% market share, and all of the remaining firms have a market share of < 2% each. b. all firms produce the same standardized product. c. there are no obstacles to entry into or exit from the industry. d. there are many producers, and each has only a small market share.

The dollar value generated over decades of customer loyalty to your company is known as brand equity. viability. sustainability. luck.

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a. what is the firm’s labor demand function? b. if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c. now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Brenda wants a new car that will be dependable transportation and look good. she wants to satisfy both functional and psychological needs. true or false