Question

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Q.) State whether the following statements are true or false. Shortly explain your answer in 1-2 sentences.

a) If firms are perfectly competitive, firms face an upward sloping labor supply curve.

b) In the long run the firm chooses the optimal level of output by setting MC=p (i.e. the marginal cost of production equal to the output price).

c) In a monopsony with a non-discriminating monopsonist the labor supply curve equals the marginal cost of labor.

d) IT workers and computers are (perfect) substitutes in production.

Answer 1