Resource owners supply their resources so as to: (why do you work?): Maximize th

Question

Resource owners supply their resources so as to: (why do you work?): Maximize their utility. Maximize their elasticity. Minimize the amount of work. Maximize profit. Maximize the demand for their resource. The resource market is different from the product market in that: In the resource market, firms don't maximize profit. In the resource market, households don't maximize utility. Firms and households reverse the roles of supplier and demander. Supply and demand does not apply in the resource market. Supply and demand does not apply in the produce market. A pure monopolist's demand curve is: Downward Sloping. Up Sloping. Parallel to the vertical axis. Parallel to the horizontal axis. The additional cost to the firm of hiring an additional unit of a resource is known as the: Marginal physical product. Marginal revenue product. Total revenue product. Marginal revenue. Marginal resource cost. Suppose workers are willing to supply 4 units of labor when the wage is $5, but a fifth unit of labor would require a wage of $7. If the firm hires 5 units of labor, the marginal resource cost of the fifth unit is; The Clayton Act prohibited: Interlocking directorates. All forms of monopoly. Foreign control of U.S. corporations, False and deceptive advertising.

Explanation / Answer

37. d
38. c
39. a
40. e
41. d
42. b

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