If a firm is hiring in a perfectly competitive labor market, the firm's marginal labor cost (or ...

If a firm is hiring in a perfectly competitive labor market, the firm's marginal labor cost (or marginal resource cost) curve slopes downward.
a. True
b. False

QUESTION 2

How much of U.S. garbage is disposed of in landfills?
a. 25 percent
b. 40 percent
c. 60 percent
d. 70 percent
e. 100 percent

QUESTION 3

For a firm in a perfectly competitive product market, the marginal resource cost curve is horizontal if the resource market is also competitive.
a. True
b. False

QUESTION 4

When a citizens' group opposes expansion of the prison located in town, the basis of the opposition is that the larger prison will produce
a. a negative externality for the community
b. a positive externality for the community
c. more jobs in the community
d. tax revenue for the community
e. improved criminal justice options

QUESTION 5

The change in total revenue that results from a one-unit change in the amount of a variable resource used is
a. average resource cost
b. marginal resource cost
c. marginal product
d. marginal revenue product
e. average revenue product

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If a firm is hiring in a perfectly competitive labor market, the firm's marginal labor cost (or ...

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