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Author Question: A firm should consume physical capital until: A) the value of the total product of physical ... (Read 83 times)

kellyjaisingh

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A firm should consume physical capital until:
 
  A) the value of the total product of physical capital equals the price of physical capital.
  B) the value of the average product of physical capital equals the price of physical capital.
  C) the value of the marginal product of physical capital equals the price of physical capital.
  D) the value of the marginal product of physical capital equals the value of the marginal product of labor.

Question 2

Which of the following is true of a second-price sealed-bid auction?
 
  A) Bidders directly compete with each other.
  B) Bidders submit their bids simultaneously.
  C) Bidders know each other's bid.
  D) Bidders always bid above their willingness to pay.



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meltdown117

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Answer to Question 1

C

Answer to Question 2

B





 

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