dolution

dolution.

 

Study Exercises

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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 ______.

 

dolution

 
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