Author Question: Which graph in the above figure represents the isoquants where, as the amount of labor used ... (Read 71 times)

Capo · **on:** Jul 1, 2018

Which graph in the above figure represents the isoquants where, as the amount of labor used increases and the amount of capital used decreases, the marginal product of labor rises when Capital per day is on the vertical axis and Labor per day is on

the horizontal axis? A) Graph A
B) Graph B
C) Graph C
D) Graph D

Question 2

In the long run, a monopolistically competitive firm

A) earns zero economic profit.
B) produces at minimum average cost.
C) operates at full capacity.
D) All of the above.