Macroeconomics

One could argue that price competition among oligopolistic firms is hi

One could argue that price competition among oligopolistic firms is highly likely to cause the revenues of individual firms to decline, while competition on the basis of product differentiation could cause demand, and total revenues, of individual firms to increase. Indicate whether the statement is true or false   ANSWER TRUE

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Date: September 10th, 2020

Isoquants are convex to the origin due to: A) the law of diminishing

Isoquants are convex to the origin due to: A) the law of diminishing marginal utility. B) the assumption of the diminishing marginal productivity of each input. C) the fact that as less capital is used, its marginal productivity falls. D) the fact that as more labor is used, its marginal productivity rises.   ANSWER B

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Date: September 10th, 2020