Multiple Choice
That the perfectly competitive firm will pick a combination of inputs where the ratio of each input's marginal product to its price is equal follows from
A) the need to use inputs in fixed proportions
B) the backward bending supply curve of labour
C) cost minimization
D) the attempt to achieve a target rate of return
Correct Answer:
Verified
Correct Answer:
Verified
Q12: The supply curve for the monopolist<br>A)does not
Q13: If an additional worker costs you Rs.
Q14: Marginal revenue for a monopolist is equal
Q15: Suppose a competitive firm produces 100 units
Q16: Entry is restricted under:<br>A)Perfect competition<br>B)Monopoly<br>C)Monopolistic competition<br>D)All of
Q18: Differentiated but close substitutes exist under:<br>A)Perfect competition<br>B)Monopoly<br>C)Monopolistic
Q19: The practice of charging different prices to
Q20: For a monopolist, marginal revenue is always
Q21: Demand curve is inelastic under:<br>A)Perfect competition<br>B)Monopoly<br>C)Monopolistic competition<br>D)All
Q22: Demand curve is elastic under:<br>A)Perfect competition<br>B)Monopoly<br>C)Monopolistic competition<br>D)All