When we solve the firm's cost minimization problem by the method of Lagrange multipliers, the optimal value of the Lagrange multiplier equals the:
A) marginal product of labor.
B) marginal product of capital.
C) marginal cost of production.
D) cost-output elasticity.
C
Economics
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A single firm in a competitive labor market has a labor supply curve that is
A) upward sloping. B) perfectly inelastic. C) perfectly elastic. D) downward sloping.
Economics
Refer to the table. A structuralist would most likely assert that there is a violation of antitrust law in which industry?
Answer the question on the basis of the following table showing market shares of firms in Vhypothetical industries. Assume these are distinct industries with no buyer-seller relationships or competition among them.
A. Alpha.
B. Beta.
C. Cappa.
D. Delta.
Economics