Refer to the given data. The firm is hiring labor:
Use the labor demand data on the left and the labor supply data on the right in answering the following question:
A. at a wage rate that exceeds labor's MRP.
B. under purely competitive conditions.
C. in an imperfectly competitive market.
D. as a monopsonist.
B. under purely competitive conditions.
Economics
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Average product will fall as long as
A) marginal product is falling. B) it exceeds marginal product. C) it is less than marginal product. D) the number of workers is increasing.
Economics
Can positive economic profits persist under monopolistic competition in the long run. Why?
What will be an ideal response?
Economics