Economic's NO GUESSING!!!!?

[zackary42]

11.
In a long-run equilibrium, a firm operating in perfectly competitive output and labor markets will select an optimal combination of inputs at a level of input use at which:
A) the marginal product of each input equals the factor price.
B) the marginal product of any input equals the marginal product of any other input.
C) the marginal product per dollar spent on each input is equalized for all inputs.
D) None of the above is correct.
12.
As a result of an increase in the wage, each isoquant curve will:
A) shift to the right.
B) shift to the left.
C) become steeper.
D) become flatter.
E) remain unchanged.
13.
The law of diminishing MRTS implies that an isoquant curve will be:
A) convex.
B) concave.
C) horizontal.
D) vertical
14.
At each point on an isoquant, the MRTS of labor for capital equals:
A) the negative of the ratio of the MP of labor to the MP of capital.
B) the additional amount of capital needed to replace a unit of labor, holding output constant (and assuming productive efficiency).
C) the negative of the slope of a tangent line to the isoquant.
D) All of the above are correct.
E) None of the above is correct.
15.
When drawing isocost curves with K on the vertical axis and L on the horizontal axis, an increase in the wage will cause the absolute value of the slope of each isocost curve to:
A) increase.
B) decrease.
C) remain the same.
D) change in an unpredictable manner.
E) None of the above is correct.

[urian27]

11.
In a long-run equilibrium, a firm operating in perfectly competitive output and labor markets will select an optimal combination of inputs at a level of input use at which:
A) the marginal product of each input equals the factor price.
B) the marginal product of any input equals the marginal product of any other input.
C) the marginal product per dollar spent on each input is equalized for all inputs.
D) None of the above is correct.
12.
As a result of an increase in the wage, each isoquant curve will:
A) shift to the right.
B) shift to the left.
C) become steeper.
D) become flatter.
E) remain unchanged.
13.
The law of diminishing MRTS implies that an isoquant curve will be:
A) convex.
B) concave.
C) horizontal.
D) vertical
14.
At each point on an isoquant, the MRTS of labor for capital equals:
A) the negative of the ratio of the MP of labor to the MP of capital.
B) the additional amount of capital needed to replace a unit of labor, holding output constant (and assuming productive efficiency).
C) the negative of the slope of a tangent line to the isoquant.
D) All of the above are correct.
E) None of the above is correct.
15.
When drawing isocost curves with K on the vertical axis and L on the horizontal axis, an increase in the wage will cause the absolute value of the slope of each isocost curve to:
A) increase.
B) decrease.
C) remain the same.
D) change in an unpredictable manner.
E) None of the above is correct.

A
E
D
C
A