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Author Question: As the quantity of labor increases, value of marginal product for a perfectly competitive firm A) ... (Read 134 times)

laurencescou

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on: Jun 29, 2018
As the quantity of labor increases, value of marginal product for a perfectly competitive firm
 
  A) decreases because the firm must lower its price to sell a larger quantity.
  B) decreases because the marginal product of labor decreases.
  C) decreases because marginal revenue decreases.
  D) is constant because marginal revenue is constant.

Question 2

The figure above shows Ronald's budget line. He has a weekly income of 20 and he spends it on hot dogs and hamburgers. The relative price of a hamburger is ________.
 
  A) 1/2 hot dog
  B) 5 hot dogs
  C) 20
  D) 2 hot dogs


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babybsemail

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A


laurencescou

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

Joy Chen

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

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