Fill in the blanks to make the following statements correct. a. The MRP curve for a factor

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Fill in the blanks to make the following statements correct.
a. The MRP curve for a factor is the same as the firm's _______ for that factor.
b. Demand for a factor will be relatively _______ if the marginal product declines rapidly as more of that factor is used.
c. Other things being equal, if the demand for a product that a factor is used to produce is relatively inelastic, the demand for that factor will be relatively _______.
d. An increase in the price at which a competitive firm sells its product leads the firm's demand curve for its factor to _______.
e. If a technological improvement leads every unit of a given factor to produce 10 percent more output than previously, the _______ curve will _______ and thus the firm's demand curve for the factor will _______.
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Microeconomics

ISBN: 978-0321866349

14th canadian Edition

Authors: Christopher T.S. Ragan, Richard G Lipsey

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