Endogenous growth theory rejects the assumption of exogenous
a. production functions.
b. knowledge.
c. technology.
d. both b and c.
d. all of the above.
D
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Refer to Figure 5-2. The size of marginal external costs can be determined by
A) S2 + S1 at each output level. B) the supply curve S1. C) the supply curve S2. D) S2 - S1 at each output level.
Data in the following table refer to the purchase of a resource by a pure monopsonist. Let the resource be labor time L, measured in hundreds of hours per day
Units of Labor Marginal Average Marginal Revenue Input Expenditure Expenditure Product L ME AE MRP 1 10 10 16 2 12 11 15 3 14 12 14 4 16 13 13 5 18 14 12 6 20 15 11 7 22 16 10 8 24 17 9 a. Determine the profit maximizing purchase rate of labor for the monopsonist. b. If this market were not monopsonistic but competitive, what would be the purchase rate of labor time? c. Determine the equilibrium wage rate in both the monopsonistic and competitive markets?