Reference no: EM131161197
Explain the follow question
1. With the opportunity for beneficial learing , a firm's lerning curve is upward sloping
2. The percentage change in profit that results from a 1% change in units sold equals margianl profit
3. At the profit maximizing level of output for a monopolist, P>MC and MR=MC
4. A monopsony employer facing a perfectly competitive supply of labor would pay a wage equal to marginal revenue product
5. Wages for labor will be highest in labor markets consisting of perfectly competitive buyers and a monopolist
6. Equilibrium in oligopoly markets is characterized by P>AC and MR=MC
7. The vigor of competition always decrease with a fall in product differentiation
8. Oligopolistic firms always produce homogenous products
9. Minimum efficient scale will increase if fixed costs increase.
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