If a profit-maximizing monopolist faces a downward-sloping market demand curve, what do we know? ( Its...

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If a profit-maximizing monopolist faces a downward-sloping market demand curve, what do we know? ( Its average revenue is les

| Վստ».INII Հ- (1 Poli What can the marginal product of labour be defined as? change in profit divided by change in quantity

If a profit-maximizing monopolist faces a downward-sloping market demand curve, what do we know?

What can the marginal product of labour be defined as?

Answer 1

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Answer #1

- its marginal revenue is less than the price of the product.

- change in quantity of output divided by change in quantity of labor.

Answer 2

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