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Author Question: In a perfectly competitive resource market, the labor supply curve facing the single firm is A) ... (Read 43 times)

Hungry!

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on: Jul 1, 2018
In a perfectly competitive resource market, the labor supply curve facing the single firm is
 
  A) vertical.
  B) horizontal.
  C) downward sloping.
  D) upward sloping.

Question 2

When would a profit-maximizing monopolist that operates with no government intervention choose to produce the competitive level of output?
 
  What will be an ideal response?


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amcvicar

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

A monopolist that faces a perfectly elastic demand curve sets its price equal to marginal cost and produces the competitive level of output.


Hungry!

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

bdobbins

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Reply 3 on: Yesterday
:D TYSM

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