The term "utility" describes the level of satisfaction or pleasure that people receive from their choices
a. True
b. False
Indicate whether the statement is true or false
True
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How does a firm in monopolistic competition decide whether to operate at a loss or shut down in the short run?
What will be an ideal response?
The key difference between monopolistic competition and perfect competition is that in monopolistic competition the tangency of
a. AC and the demand curve occurs along the negatively sloped part of AC. b. the demand curve and AC occurs at the minimum point of the AC curve. c. AC and the demand curve occurs along the positively sloped part of AC. d. MC and MR at the optimum output.
A firm's technology may depend on which of the following factors?
A) the skill of its managers B) the training of its workers C) the speed and efficiency of its equipment D) all of the above
The marginal physical product of labor is the
A. wage that must be paid to labor. B. change in output generated by a unit change in labor. C. total output divided by the number of labor employed. D. value of sales divided by additional labor used.