When the factor market is purely competitive, the firm's average ...

[B]

When the factor market is purely competitive, the firm's average expenditure curve for a factor of production is
 
  A) upward sloping and to the right of the marginal expenditure curve.
  B) downward sloping and to the right of the marginal expenditure curve.
  C) identical to the marginal expenditure curve.
  D) downward sloping and to the left of the marginal expenditure curve.

Question 2

A ________ shows how much a firm will produce as a function of how much it thinks its competitors will produce.
 
  A) contract curve
  B) demand curve
  C) reaction curve
  D) Nash equilibrium curve
  E) none of the above

[tofugiraffe]

Answer to Question 1

C

Answer to Question 2

C

[B]

TYSM

[LegendaryAnswers]

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