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Izzydhindsa Izzydhindsa
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Posts: 341
A week ago

Question 1.

If a firm is the sole employer of a factor of production, it is known as



a monopoly.



an economically discriminating firm.



a competitor.



a monopsony.



Question 2.

Which of the following statements regarding equilibrium in the markets for capital and for a natural resource used in producing a good is true?



The rental price of capital will equal the price of the natural resource.



The marginal revenue product of capital will equal the rental price of capital and the marginal revenue product of the natural resource will equal the price of the natural resource.



The marginal revenue product of capital will equal the marginal revenue product of the natural resource.



The marginal product of capital will equal the rental price of capital and the marginal product of the natural resource will equal the price of the natural resource.

Textbook 

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Edition: 1st
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vande746vande746
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Posts: 310
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A week ago
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Answer 1

a monopsony.



Answer 2

The marginal revenue product of capital will equal the rental price of capital and the marginal revenue product of the natural resource will equal the price of the natural resource.

1

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