« previous next »

Author Question: If there is imperfect competition in the product market, the marginal revenue product of a factor ... (Read 35 times)

leilurhhh

  • Hero Member
  • *****
  • Posts: 560
on: Jun 30, 2018
If there is imperfect competition in the product market, the marginal revenue product of a factor will be greater than the value of its marginal product.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If a price increase from 20 to 40 causes quantity demanded to decrease from 100 units to 50 units, one can conclude that demand for the product is _____.
 a. inelastic
  b. elastic
  c. perfectly inelastic
  d. perfectly elastic
  e. unit-elastic


Jane

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

About 3.2 billion people, nearly half the world population, are at risk for malaria. In 2015, there are about 214 million malaria cases and an estimated 438,000 malaria deaths.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Essential fatty acids have been shown to be effective against ulcers, asthma, dental cavities, and skin disorders such as acne.

Did you know?

The effects of organophosphate poisoning are referred to by using the abbreviations “SLUD” or “SLUDGE,” It stands for: salivation, lacrimation, urination, defecation, GI upset, and emesis.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Competition among Paramecium species. Competition among Paramecium species.
Rivers Are a Product of Their Watersheds Rivers Are a Product of Their Watersheds
Patent medicines contained a name brand that clearly identified the product and claimed to cure just ... Patent medicines contained a name brand that clearly identified the product and claimed to cure just ...
How to factor and solve quadratic trinomials (Part 1) How to factor and solve quadratic trinomials (Part 1)
European swimming competition European swimming competition
Video: Coaductile pathway, Timing of contraction signal & Conduction system and ECG

For a complete list of videos, visit our video library