Which of the following represents the resource supply curve for a firm that hires resources in a perfectly competitive resource market?
a.? Average total cost curve
b. ?Average variable cost curve
c.? Average fixed cost curve
d.? Marginal resource cost curve
?e.? Marginal revenue product curve
Answer: ?e.? Marginal revenue product curve
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List and describe the characteristics of a perfectly competitive market
The country of Meditor, a small country with a closed economy, uses the merit as its currency. Recent national income statistics showed that it had GDP of $600 million merits, no government transfer payments, taxes of $150 million merits, a budget surplus of $40 billion merits, and investment of $100 billion merits. What were its consumption and government expenditures on goods and services?
a. $460 million merits and $150 million merits b. $310 million merits and $190 million merits c. $350 million merits and $190 million merits d. $390 million merits and $110 million merits
Which of the following would result in a positive externality?
A) A local government establishes a price ceiling on rental apartments. B) An electric utility burns coal that causes acid rain. C) Medical research results in a cure for malaria. D) McDonald's eliminates all salads from its menu.
The four components of aggregate expenditures are:
A. consumption, imports, government spending, and net exports. B. consumer durables, investment, government spending, and net exports. C. consumption, investment, government spending, and net exports. D. consumption, interest payments, government spending, and net exports.