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Madeline and Alexander entered into a contract for Alexander to tutor Madeline’s son, Luke, in French during the school year to ensure that Luke receives a high grade in his language course. The day before classes began, Luke switched his schedule to take German instead of French.  Is the contract discharged?

The following table shows the total dollar amount of sales in 2012 for the four largest firms in the adhesive manufacturing industry. Total industry sales in 2012 were $782,000. Use this table to answer the following questions:Firm NameSales in 2012Glues R Us$362,000Glue Down  105,000Sticky    85,000All Glues    76,000All other firms in industry combined  154,000 If Glues R Us split into two separate companies, the concentration ratio would ________ and the market price of adhesive would likely ________.

Amy just applied for a position with Rory’s firm. Rory knows that Amy will earn $20 an hour and can produce a value of the marginal product of labor (VMPL) of $40. Rory will _(hire/not hire/maybe hire)__ Amy because her VMPL is _(positive/negative)_.

Externalities exist because

Stephanie sold a rare type of fish and Thomas owned a seafood restaurant. On November 15, 2021 Stephanie and Thomas formed a contract for Stephanie to deliver ten pounds of the rare fish on January 2, 2022, and Thomas would pay her $150 on January 2, 2022. On December 1, 2021, Congress passed a law that it is illegal to buy, sell, or serve to customers the rare fish to try to increase the population of the rare fish. The law went into effect on December 2, 2021. Are either Stephanie or Thomas liable for the contract?

Refer to the accompanying figure to answer the following questions. When a competitive market comes under the control of a monopoly, the quantity changes from

Which of the following describes the marginal product of labor?

Refer to the accompanying figure to answer the following questions. The revenue received by the profit-maximizing monopolist is

Which of the following industries is most likely an oligopoly?

Which of the following is NOT a necessary characteristic of monopolies?