Author Question: The demand for any factor of production in a competitive industry depends on (Read 84 times)

vHAUNG6011 · **on:** Apr 19, 2019

Question 1

Refer to the information provided in Figure 10.2 below to answer the question(s) that follow.

Refer to Figure 10.2. This firmʹs marginal cost curve has shifted from
MC
₁ to
MC
₀ A profit-maximizing firm should ________ the amount of output produced and ________ its demand for labor.

◦ increase; increase
◦ increase; decrease
◦ decrease; decrease
◦ keep constant; increase

Question 2

The demand for any factor of production in a competitive industry depends on

◦ its productivity and upon the value of its output in the marketplace.
◦ its productivity and the productivity of all other inputs.
◦ the productivity of all the other inputs and how these inputs are valued in the marketplace.
◦ the amount of the factor that is used and the amounts of all the other factors that are used.

Bsand8 · **Reply #1 on:** Apr 19, 2019

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