# Q12Rachel - 1 Question 1 If MPa/Pa = MPb/Pb and MRPa/Pa =...

This preview shows pages 1–4. Sign up to view the full content.

1 Question 1 0 out of 1 points If MP a / P a = MP b / P b and MRP a / P a = MRP b / P b >1, this firm is: Selected Answer: [None Given] Correct Answer: producing its output with the least costly combination of resources, but is not producing the profit-maximizing output. Question 2 0 out of 1 points The general rule for hiring any input (say, labor) in the profit-maximizing amount is MRC = MRP. This rule takes the special form W = MRP (where W is the wage rate) when the: Selected Answer: [None Given] Correct Answer: firm is hiring labor under purely competitive conditions. Question 3 0 out of 1 points (Last Word) The rapid spread of ATMs has: Selected Answer: [None Given] Correct Answer: reduced the demand for bank tellers. Question 4 0 out of 1 points Refer to the above graph. Other things equal, an increase in the price of a complementary resource would cause a(n): Selected Answer: [None Given] Correct Answer: shift from D 3 to D 2 . Question 5 0 out of 1 points

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Refer to the above data. If the prices of labor and capital are \$9 and \$15 respectively, the firm's total output will be: Selected Answer: [None Given] Correct Answer: 64 units. Question 10 0 out of 1 points The demand for airline pilots results from the demand for air travel. This fact is an example of: Selected Answer: [None Given] Correct Answer: the derived demand for labor. 2

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 134

Q12Rachel - 1 Question 1 If MPa/Pa = MPb/Pb and MRPa/Pa =...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online