For a firm hiring a resource in a perfectly competitive resource market, its demand curve for the resource is its
a. marginal product curve
b. marginal revenue product curve
c. marginal resource cost curve
d. marginal revenue curve
e. total revenue curve
QUESTION 2In the United States, what percentage of smog comes from manufacturing sites?
a. 5 percent
b. 15 percent
c. 25 percent
d. 40 percent
e. 80 percent
QUESTION 3For a resource in a perfectly competitive market, marginal revenue product is equal to the price of the resource.
a. True
b. False
QUESTION 4In the United States, federal efforts to clean up the environment are coordinated by the
a. Environmental Protection Agency
b. Department of the Interior
c. State Department
d. Department of Agriculture
e. Department of Justice
QUESTION 5A firm's marginal revenue product curve is downward sloping, which means the derived demand curve for an input is downward sloping.
a. True
b. False
QUESTION 6If producers cannot afford the fees for pollution rights,
a. they will pollute
b. they will buy pollution rights
c. they will sell pollution rights
d. they will have to find a cheaper way to deal with their pollution
e. they will not be able to use their pollution rights