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Author Question: A profit-maximizing firm will hire extra units of a resource when a. marginal resource cost exceeds ... (Read 96 times)

khang

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on: Jun 30, 2018
A profit-maximizing firm will hire extra units of a resource when
 a. marginal resource cost exceeds marginal revenue product
  b. marginal resource cost is equal to marginal revenue product
  c. marginal resource cost is less than marginal revenue product
  d. temporary resource price differentials exceed the marginal resource cost
  e. the average resource cost and marginal resource cost curves are equal

Question 2

Free markets produce too little output when
 a. negative externalities exist
  b. positive externalities exist
  c. production uses fixed-production technology
  d. production uses variable technology
  e. the resource is exhaustible


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gabrielle_lawrence

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

C

Answer to Question 2

B


khang

  • Member
  • Posts: 569
Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

rachel

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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