ECON 2010 FINAL

A competitive firm is constrained by and a monopolist

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Unformatted text preview: cy, not equity. A) True 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: memorize 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 commodity. 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.

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