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Author Question: The demand for labor of a perfectly competitive producer: a. is perfectly elastic at the going wage ... (Read 49 times)

jilianpiloj

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  • Posts: 521
on: Jun 30, 2018
The demand for labor of a perfectly competitive producer:
 a. is perfectly elastic at the going wage rate.
 b. is downward sloping because prices fall when the producer increases output.
 c. is downward sloping because of diminishing marginal productivity.
 d. is downward sloping because prices fall when the producer increases output and because of diminishing marginal productivity.

Question 2

A firm chooses vertical integration to reduce all of the following costs, EXCEPT:
 a. the cost of investing in diversified assets.
  b. the cost of finding a trading partner.
  c. the cost of devising and enforcing an agreement.
  d. the cost of evaluating the other party's performance.


snackralk

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

c

Answer to Question 2

A


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