Answered: 47. Which of the above figures…

47. Which of the above figures represents a firm facing purely competitive labor market? O(a) fig. A (b) fig. B O(c) fig. C (d) fig. A and fig. C O(e) fig. B and Fig. D.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Fig. A
Fig. C
250
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150
$
100
50
0
$
250
200
150
100
SA
0
50
0
0
VMP=MRP
(c) fig. C
(d) fig. A and fig. C
O(e) fig. B and Fig. D.
LS-MFC
10 20
MRP
LS MFC
10
VMP
20
30
40
50
30 40 50
L
47. Which of the above figures represents a firm facing purely competitive labor market?
(a) fig. A
(b) fig. B
Fig. B
Fig. D
250
200
150
100
50
0
250
200
150
100
50
0
$
0
0
$
10
VMP=MRP
MRP-
10
20
VMP
20
30
30
40
40
50
-2
LS
LS
50
MFC
MFC

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