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Author Question: If a firm is using a resource hired in a perfectly competitive market, and if the price of the ... (Read 84 times)

Awilson837

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on: Jun 30, 2018
If a firm is using a resource hired in a perfectly competitive market, and if the price of the resource exceeds the marginal revenue product of the resource,
 a. more of the resource should be used
  b. less of the resource should be used
  c. the firm should pay a lower price for the resource
  d. the firm should pay a higher price for the resource
  e. the firm is using the optimal amount of the resource

Question 2

Peyton Lopez will exploit the aquifer under his ranch as long as his personal marginal __________ is __________ __________ his personal marginal __________.
 a. cost, greater than, benefit
  b. benefit, greater than, cost
  c. cost, equal to, benefit
  d. benefit, less than, cost
  e. benefit, equal to, cost


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Jayson

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Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

B


Awilson837

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Reply 2 on: Jun 30, 2018
Wow, this really help

fatboyy09

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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