Marginal Revenue Product (MRP) curve is: Multiple Choice the market demand curve for labour and, is...
Marginal Revenue Product (MRP) curve is:
Multiple Choice
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the market demand curve for labour and, is the sum of supply of labour to individual firms.
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the market demand curve for labour and, is the horizontal summation of the marginal factor cost to the individual firms.
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the market demand curve for labour and, it refers to the increase in total revenue resulting from sale of an additional unit of output.
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the market demand curve for labour and, is the vertical summation of the marginal revenue product curves of individual firms.
Homework Answers
Marginal Revenue Product (MRP) curve is the market demand curve for labour and, it refers to the increase in total revenue resulting from sale of an additional unit of output. MRP tells how much the additional revenue is earned due to the additional unit of labour employed.
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Marginal Revenue Product (MRP) curve is:
Multiple Choice
the market demand curve for labour and, is...
In a perfectly competitive market, the market supply curve is a. the vertical sum of all...
In a perfectly competitive market, the market supply curve is a. the vertical sum of all the individual firms' supply curves. b. always a horizontal line. c. the marginal cost curve above average total cost for a representative firm. d. the horizontal sum of all the individual firms' supply curves. Table 14-11 Suppose that a firm in a competitive market faces the following prices and costs: Price Quantity Total Cost $5 $3 $5 $8 $12 $17 $5 $23 Refer to...
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand...
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand curve for its product. Statement 2: A monopolist uses the same profit maximization rule that the perfectly competitive firm uses. Both statements (1) and (2) are false. Both statements (1) and (2) are true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Which of the following is TRUE of the model of perfect competition? There are...
In which of the following types of markets does a single firm have the most market...
In which of the following types of markets does a single firm have the most market power? Multiple Choice Perfect competition. Monopolistic competition. Oligopoly Monopoly A perfectly competitive firm is a price taker because Multiple Choice The price of the product is determined by many buyers and sellers It has market power. Market supply is upward-sloping. Its products are differentiated. Competitive firms cannot individually affect market price because Multiple Choice There is an infinite demand for their goods. Demand is...
the slope of the demand curve. For each unit of a product, the price on the...
the slope of the demand curve. For each unit of a product, the price on the market curve supply shows the average price to firms for selling that unit. O True False Total revenue refers to the degree to which individual firms actively vie with one another for business O is the total amount received by the firm from the sale of a product O the firm will lose more by producing than by not producing at all refers to...
7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b....
7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b. increase in quantity supplied. c. decrease in quantity supplied. d. increase in supply. 8.- The market demand is the: a. sum of all individual demand curves and supplies in a market. b. horizontal sum of all individual demand curves in a market. c. horizontal sum of all individual prices in a market. d. vertical sum of all individual demand curves.
Draw the demand and marginal revenue curves. Draw a vertical line at the market price. To...
Draw the demand and marginal revenue curves. Draw a vertical line at the market price. To the left of the vertical line, show the demand and marginal revenue curves for the firm before the elasticity shifted. To the right, show the demand and marginal revenue curves for the more inelastic assumption. Where does the kink in the demand curve occur? What happens to the marginal revenue curve?
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs rise, resulting in a decrease in supply and an increase in demand. b.) The salary of computer techs fall, resulting in an increase in supply and a decrease in demand. c.) Consumers want computers, so producers raise the price of computers. d.) Consumers want faster computers, so technology firms invest in capital and labor. e.) None of the above 9.) Demand for capital a.)...
Multiple Choice - Choose the correct alternative 1. The long-run competitive market supply curve is: a)...
Multiple Choice - Choose the correct alternative
1. The long-run competitive market supply curve is: a) The portion of the firms MC curve that is above the ATC curve b) The portion of the firms MC curve that is above the AVC curve c) The horizontal summation of all the firm's short-run supply curves d) A curve that is equal to the minimum of ATC e) a) and d) 2. Suppose the firms production process is given by Q =...
A dry-cleaning business operates in a monopolistically competitive market with the following demand and marginal revenue...
A dry-cleaning business operates in a monopolistically competitive market with the following demand and marginal revenue curves: P = 100–5Q TR = 100Q–5Q2 MR = 100–10Q The business’s total and marginal cost curves are: TC = 4Q + Q2 + 5 MC = 4+2Q where P is in dollars per unit, output rate Q is in units per time period, and total cost C is in dollars. a) Determine the price and output rate that will allow the firm...
18 20,21,22,23 Question 18 2 pts The marginal revenue received by a firm in a perfectly...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
In a perfectly competitive market, the market supply curve is a. the vertical sum of all the individual firms' supply curves. b. always a horizontal line. c. the marginal cost curve above average total cost for a representative firm. d. the horizontal sum of all the individual firms' supply curves. Table 14-11 Suppose that a firm in a competitive market faces the following prices and costs: Price Quantity Total Cost $5 $3 $5 $8 $12 $17 $5 $23 Refer to...
Statement 1: For a monopoly firm, the marginal revenue curve is the same as the demand curve for its product. Statement 2: A monopolist uses the same profit maximization rule that the perfectly competitive firm uses. Both statements (1) and (2) are false. Both statements (1) and (2) are true. Statement (1) is true; statement (2) is false. Statement (1) is false; statement (2) is true. Which of the following is TRUE of the model of perfect competition? There are...
In which of the following types of markets does a single firm have the most market power? Multiple Choice Perfect competition. Monopolistic competition. Oligopoly Monopoly A perfectly competitive firm is a price taker because Multiple Choice The price of the product is determined by many buyers and sellers It has market power. Market supply is upward-sloping. Its products are differentiated. Competitive firms cannot individually affect market price because Multiple Choice There is an infinite demand for their goods. Demand is...
the slope of the demand curve. For each unit of a product, the price on the market curve supply shows the average price to firms for selling that unit. O True False Total revenue refers to the degree to which individual firms actively vie with one another for business O is the total amount received by the firm from the sale of a product O the firm will lose more by producing than by not producing at all refers to...
7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b. increase in quantity supplied. c. decrease in quantity supplied. d. increase in supply. 8.- The market demand is the: a. sum of all individual demand curves and supplies in a market. b. horizontal sum of all individual demand curves in a market. c. horizontal sum of all individual prices in a market. d. vertical sum of all individual demand curves.
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs rise, resulting in a decrease in supply and an increase in demand. b.) The salary of computer techs fall, resulting in an increase in supply and a decrease in demand. c.) Consumers want computers, so producers raise the price of computers. d.) Consumers want faster computers, so technology firms invest in capital and labor. e.) None of the above 9.) Demand for capital a.)...
Multiple Choice - Choose the correct alternative
1. The long-run competitive market supply curve is: a) The portion of the firms MC curve that is above the ATC curve b) The portion of the firms MC curve that is above the AVC curve c) The horizontal summation of all the firm's short-run supply curves d) A curve that is equal to the minimum of ATC e) a) and d) 2. Suppose the firms production process is given by Q =...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
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