In Long- Run Equilibrium, for a Firm Which Is a Monopolist

question 86

Multiple Choice

In long- run equilibrium, for a firm which is a monopolist in its output market and a perfect competitor in its input markets:

• A)w = VMP for all inputs.
• B)w = MRP > VMP for all inputs.
• C)p = LRMC.
• D)w = MRP < VMP for all inputs.

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Definitions:

Eugenics

A controversial and debunked philosophy advocating for the improvement of the human species through selective breeding or genetic manipulation.

Francis Galton

A 19th-century scientist known for his pioneering work in eugenics, statistics, and the study of human intelligence.

Alfred Binet

A French psychologist who made significant contributions to intelligence testing and developed the first practical IQ test.

Mental Age

A measure of an individual's cognitive abilities expressed in terms of the average age at which a normal individual reaches the same level of ability.