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Unformatted text preview: cy, not equity.
B) False Version 1 Page 19 91. Both competitive firms and monopolists face constraints from the market. A competitive
firm is constrained by _____ and a monopolist is constrained by________.
A) the market demand curve; the market demand curve
B) price; the market demand curve
C) the market demand curve; price
D) price; price
92. The marginal product of labor is:
A) the slope of the total product of labor curve.
B) the change in average product divided by the change in the quantity of labor.
C) the change in output that occurs when capital increases by one unit.
D) the change in labor divided by the change in total product.
93. Assume that there are only 2 commodities in this economy. If these two commodities
are both bads, a consumer in this economy can achieve a maximum level of utility when
A) he or she consumes nothing.
B) he or she chooses a consumption bundle that maximizes the amount of each
C) he or she consumes a bundle consisting...
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This document was uploaded on 02/18/2014 for the course ECON 2010 at Colorado.
- Fall '07