Question 1 1 pts What is the marginal revenue product curve? The amount of addit

Question

Question 1 1 pts What is the marginal revenue product curve? The amount of additional revenue firms make from an additional worker The amount of total revenue firms make divided by the number of workers none of the above The amount of additional revenue firms make when selling an additional unit Question 2 1 pts The marginal revenue product curve is downward sloping because for price setter firms, of lower prices charged to sell additional units diminishing product quality the law of diminishing marginal cost the law of diminishing marginal utility Question 3 1 pts Which of the following identifies a difference between monopolies and cartels in oligopoly? monopolies generate more profits than a cartel in oligopoly O cartels have competition in the market while monopolies do not They are identical in their profit-maximizing decision-making monopolies are always illegal in the U.S. but cartels are not

Explanation / Answer

Q1. Answer is The amount of additional revenue firms make when selling an additional unit. Q2. Answer is for price setter firms, of lower prices charged t sell additional units. Q3. Answer is Cartels have competition in the market while monopolies do not.

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