dolution

 

Study Exercises

MyLab Economics

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

Make the grade with MyLab Economicsâ„¢: All Study Exercises can be found on MyLab Economicsâ„¢. You can practise them as often as you want, and many feature step-by-step guide instructions to help you find the right answer.

 

Fill-in-the-Blank

1. Fill in the blanks to make the following statements correct.

 

a. The MRP curve for a factor is the same as the firm’s ______for that factor.

 

b. If the marginal product for a factor declines rapidly as more of that factor is used, demand for that factor will be relatively ______.

 

c. Other things being equal, if the demand for a product that a factor is used to produce is relatively inelastic, the demand for that factor will be relatively ______.

 

d. An increase in the price at which a competitive firm sells its product leads the firm’s demand curve for its factor to______.

 

e. If a technological improvement leads every unit of a given factor to produce 10 percent more output than previously, the ______  curve will ______, and thus the firm’s demand curvefor the factor will ______.

 

 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"