If a firm is selling in an imperfectly competitive product market, then:
A. average product will be less than marginal product for any number of workers hired.
B. the marginal products of successive workers must be sold at lower prices.
C. the marginal products of successive workers can be sold at higher prices.
D. the marginal products of successive workers can be sold at a constant price.
Answer: B
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Native-born workers may not be harmed by immigration if it:
A. Reduces wages and labor demand is inelastic B. Reduces the rate of return on capital C. Increases the rate of return on capital D. Causes production costs to rise
Under perfect capital mobility
a. there are no restrictions on buying financial assets, though there may be on buying factories and equipment. b. transactions costs have to be zero. c. differential risk in assets across countries are minimal. d. All of the above e. None of the above
Suppose the official unemployment rate is 10 percent. We can conclude without question that
There are many different models of oligopoly because:
A. firms do not maximize profits in oligopolistic competition. B. beliefs are not incorporated in oligopolistic competition and oligopoly is the most complicated type of market structure. C. beliefs are not incorporated in oligopolistic competition. D. oligopoly is the most complicated type of market structure.