ECN 104 Study Guide - Final Guide: Imperfect Competition, Business Cycle, Marginal Revenue

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Choose the one alternative that best completes the statement or answers the question: an explicit cost is: At the university he attended, he spent ,000 on books, ,000 on cough medicine, and earned ,000 as an economics instructor per year. 1: assume that the only variable factor of production used to produce output is labour. 6) product of the fourth unit of labour is: 6 units of output, 8 units of output, 4 units of output, 30 units of output, marginal product: 7: may initially increase, then diminish, but never become negative, diminishes at all levels of production, may initially increase, then diminish, and ultimately become negative, is always less than average product. 2: the following table provides information on the production of a product that requires one. 12: a standardized or homogeneous product, considerable nonprice competition, a large number of buyers and sellers, no barriers to the entry or exodus of firms.

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