Author Question: If there is imperfect competition in the product market, the marginal revenue product of a factor ... (Read 81 times)

leilurhhh

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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

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Answer to Question 1

False

Answer to Question 2

a



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