A firm produces leather handbags and leather shoes. If there are economies of scope, the product transformation curve between handbags and shoes will be
A) a straight line.
B) bowed outward (concave).
C) bowed inward (convex).
D) a rectangle.
Question 2
Suppose a firm has one variable input, labor. Why is the MRPL curve for a competitive firm above the MRPL curve for a monopolist?
A) Without competition from other firms, monopolies are less efficient and the marginal product of labor is lower at each level of output.
B) Although the marginal product of labor may be the same under both market structures, the marginal revenue of the monopoly declines with output.
C) Monopolists have less incentive to invest in worker training and other methods for improving labor productivity, so the marginal product of labor is lower in the monopoly case.
D) none of the above
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