A firm's demand curve for labor in a perfectly competitive market is the downward-sloping portion of...
A firm's demand curve for labor in a perfectly competitive market is the downward-sloping portion of its _____ curve.
Select one:
a. average total cost
b. marginal revenue
c. total revenue
d. value of the marginal product of labor
Homework Answers
A firm's demand curve for labor in perfectly competitive market is the downward sloping portion of its marginal revenue product curve.
As more workers hires the marginal product of labor declined which causes marginal revenue product of labor to fall.
So option B is the correct statement
Add Answer to:
A firm's demand curve for labor in a perfectly competitive
market is the downward-sloping portion of...
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic....
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic. b) Perfectly inelastic. c) Downward sloping to the right. d) Upward sloping to the right. 3. A firm in a competitive market will seek to... a) Minimize total costs. b) Maximize total revenue. c) Minimize marginal cost. d) Maximize the difference between total revenue and total cost. e) Maximize the difference between marginal revenue and marginal cost. In the short-run, if a firm's marginal...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
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1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select...
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select ] ["downward sloping", "unit-elastic", "perfectly inelastic", "perfectly elastic"] meaning that the demand curve is also the [ Select ] ["Marginal Cost curve", "average cost", "marginal revenue = Marginal costs", "marginal revenue curve"] 2. With a perfectly competitive firm the supply curve is: a) Marginal Product b) the marginal cost curve above the Average fixed Cost curve c) it has...
In the perfectly competitive model, a firm's average total cost curve is assumed to be downward...
In the perfectly competitive model, a firm's average total cost curve is assumed to be downward sloping for all levels of output they may produce. Group of answer choices True False
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement...
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The demand for a monopolist's product: O A. Is downward sloping.. B. Equals the market demand...
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QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a...
QUESTION 9 The perfectly competitive firm faces a downward sloping demand curve. constant marginal costs. a horizontal supply function. perfectly elastic demand. QUESTION 10 The short-run industry supply curve slopes up because the law of diminishing marginal product applies in the short run. wages increase as the industry increases output. the firms eventually experience diseconomies of scale. the higher price is needed to get more firms to enter the industry.
The MR = MC rule can be restated for a perfectly competitive seller as P = MC because: Multiple Choice Ο each addit...
The MR = MC rule can be restated for a perfectly competitive seller as P = MC because: Multiple Choice Ο each additional unit of output adds exactly its price to total revenue. Ο the firm's average revenue curve is downward sloping. Ο the market demand curve is downward sloping. Ο the firm's marginal revenue and total revenue curves will coincide.
Perfectly competitive and monopoly firms are complete opposites. The monopoly demand curve is ___ while the...
Perfectly competitive and monopoly firms are complete
opposites.
The monopoly demand curve is ___ while the perfectly competitive
firm’s demand curve is ___. This is because a monopoly is the only
producer in an industry, so the monopoly firm’s ___ curve is the
same as the market demand curve, while the perfectly competitive
firm produces in a market with ___ competitors.
Perfectly competitive and monopoly firms are complete opposites. Drag word(s) below to fill in the blank(s) in the passage....
The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve is upward sloping an...
The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve is upward sloping and this firm is maximizing its total profit at a market price of $15. The firm's per unit profit is: $20 ATC 0 10 20 30 40 50 60 70 80
2. In a perfectly competitive industry, an individual firm's demand curve will be: a) Perfectly elastic. b) Perfectly inelastic. c) Downward sloping to the right. d) Upward sloping to the right. 3. A firm in a competitive market will seek to... a) Minimize total costs. b) Maximize total revenue. c) Minimize marginal cost. d) Maximize the difference between total revenue and total cost. e) Maximize the difference between marginal revenue and marginal cost. In the short-run, if a firm's marginal...
The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1) is true; statement (2) is false. Statements (1) and (2) are both true. Statement (1) is false; statement (2) is...
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The MR = MC rule can be restated for a perfectly competitive seller as P = MC because: Multiple Choice Ο each additional unit of output adds exactly its price to total revenue. Ο the firm's average revenue curve is downward sloping. Ο the market demand curve is downward sloping. Ο the firm's marginal revenue and total revenue curves will coincide.
Perfectly competitive and monopoly firms are complete
opposites.
The monopoly demand curve is ___ while the perfectly competitive
firm’s demand curve is ___. This is because a monopoly is the only
producer in an industry, so the monopoly firm’s ___ curve is the
same as the market demand curve, while the perfectly competitive
firm produces in a market with ___ competitors.
Perfectly competitive and monopoly firms are complete opposites. Drag word(s) below to fill in the blank(s) in the passage....
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