When the price of tablets goes up and fewer tablets are purchased, this is representative of the

In perfect competition, technological advances will allow economic profits for

a. all firms. b. only the firm developing the new technology. c. early adopters. d. none of the firms, as the advance will be immediately adopted by all of them.

When the marginal revenue product of an input is less than its price, the

a. producer should expand the use of that input. b. price of the input will automatically rise in a free market. c. producer should reduce the use of that input. d. marginal physical product of that input must be below its average physical product.