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Author Question: Refer to the table above. Diminishing marginal returns sets in when: A) the second worker is ... (Read 63 times)

littleanan

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on: Jun 29, 2018
Refer to the table above. Diminishing marginal returns sets in when:
 
  A) the second worker is hired.
  B) the fourth worker is hired.
  C) the fifth worker is hired.
  D) the seventh worker is hired.

Question 2

Which of the following is a difference between a monopolistically competitive market and a monopoly in the long run?
 
  A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist usually earns positive economic profits in the long run.
  B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist incurs losses in the long run.
  C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.
  D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.


anyusername12131

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

B

Answer to Question 2

A


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