Question 1

The three diagrams below each show a supply curve for oil tankers over a relatively short period of time.  FIGURE 13-3
-Refer to Figure 13-3.Consider the supply of oil tankers to an individual Canadian shipping firm,the North American shipping industry,and the world shipping industry.Which diagram best shows the supply of oil tankers that is relevant to an individual Canadian firm?

Accepted Answer

A)  diagram 1
B)  diagram 2
C)  diagram 3
D)  diagrams 2 or 3
E)  diagrams 1 or 2

Question 2

If a firm is a perfect competitor in its product market,the marginal product of a factor multiplied by the product's price equals

Accepted Answer

A)  marginal cost.
B)  marginal profit.
C)  total revenue.
D)  marginal revenue.
E)  marginal revenue product.

Question 3

Consider the mobility of any factor of production.The more broadly we define the use of the factor,the ________ is the mobility of the factor and the ________ is the share of the factor payment that is economic rent.

Accepted Answer

A)  lower; lower
B)  lower; higher
C)  higher; higher
D)  higher; lower

Exam 13: How Factor Markets Work

Consider the mobility of any factor of production.The more broadly we define the use of the factor,the is the mobility of the factor and the is the share of the factor payment that is economic rent.

Correct Answer
verified

If a firm is a perfect competitor in its product market,the marginal product of a factor multiplied by the product's price equals

Correct Answer
verified

Correct Answer
verified

Exam 13: How Factor Markets Work

Consider the mobility of any factor of production.The more broadly we define the use of the factor,the ________ is the mobility of the factor and the ________ is the share of the factor payment that is economic rent.

Correct AnswerverifiedShow Answer

If a firm is a perfect competitor in its product market,the marginal product of a factor multiplied by the product's price equals

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Consider the mobility of any factor of production.The more broadly we define the use of the factor,the is the mobility of the factor and the is the share of the factor payment that is economic rent.

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified