For a Firm Selling Output in an Imperfectly Competitive Market,its

question 50

Multiple Choice

For a firm selling output in an imperfectly competitive market,its labor demand curve will:

• A)reflect the value of marginal product schedule,provided the firm is operating in the zone of production
• B)decline solely because of diminishing marginal productivity
• C)decline because of diminishing marginal productivity and because product price declines as output increases
• D)be perfectly elastic if the firm is hiring labor competitively

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Definitions:

Persian Gulf

A marginal sea of the Indian Ocean situated between Iran and the Arabian Peninsula.

Transform Faulting

A type of strike-slip fault where two tectonic plates slide past each other horizontally, leading to earthquakes but not volcanic activity.

Sea of Japan

A marginal sea located between Japan, Russia, and Korea, connected to the Pacific Ocean by various straits.

Philippine Sea

A section of the western Pacific Ocean bordered by the Philippines and Taiwan to the west, Japan to the north, and the Marianas to the east.