If a Firm Hires a Resource in a Perfectly Competitive

question 103

Multiple Choice

If a firm hires a resource in a perfectly competitive resource market,

• A)it must also be a price taker in the product market
• B)it must also be a monopolist in the product market
• C)it faces a horizontal marginal resource cost curve
• D)it faces an upward-sloping marginal resource cost curve
• E)it faces a downward-sloping marginal resource cost curve

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Definitions:

Moro Reflex

is an involuntary response or startle reflex in newborns, which is triggered by a sudden loss of support or a loud sound, causing the baby to fling arms outwards and then retract them.

Evolutionary Stages

The phases of adaptation and change that species go through over generations in response to environmental demands.

Odors

The qualities of substances perceived by the sense of smell, often playing significant roles in human behavior, preference, and memory.

Vocalizations

The sounds produced by creatures, especially humans, as a form of communication or expression.