Points outside the production possibility frontier are
A. producible.
B. endowment points.
C. consumer equilibrium points.
D. unattainable.
D. unattainable.
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Refer to the above figure. The curve reflects
A) the law of diminishing marginal product in labor. B) the law of diminishing marginal product in capital. C) the law of increasing marginal product in labor. D) the law of increasing marginal product in capital.
In monopolistic competition, in the short run a firm maximizes its profit by selecting an output at which marginal cost equals
A) average total cost. B) marginal revenue. C) price. D) zero.
If the fixed costs for a firm rise what will be the impact on the marginal cost, average variable cost and average total cost curves? Explain
What will be an ideal response?
Compared to a monopolistic competitor, a monopolist faces
A) a more elastic demand curve. B) a more inelastic demand curve. C) a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices. D) a demand curve that has a price elasticity coefficient of zero.