Other things equal, the resource demand curve of an imperfectly competitive seller will:
A. lie below its marginal revenue product curve.
B. be subject to increasing marginal productivity.
C. be less elastic than that of a purely competitive seller.
D. be more elastic than that of a purely competitive seller.
Answer: C
You might also like to view...
In the above figure, the long-run effect of providing university education at no charge to all qualified applicants would be to shift the curve SH
A) and the curve SL leftward. B) and the curve SL rightward. C) leftward and the curve SL rightward. D) rightward and the curve SL leftward.
The minimum wage laws seek to
A) penalize employers that are not complying with labor laws. B) assure a minimum standard of payment for work. C) assure that all workers are paid the same wage rate. D) help teenagers find work.
If a perfectly competitive firm shuts down in the short run, its variable cost equals zero
a. True b. False
If people took external costs like pollution into consideration, they would on net:
A. consume a socially non-optimal amount of the goods causing the externalities. B. not change their behavior to consume more or less of the goods causing externalities. C. consume more of the goods causing these externalities. D. consume less of the goods causing these externalities.