Question: I ._._, __._._, .__._._ 25. At tangency, what is the MRTSLK if the p._ = $25 and the pK = $50. (a) T (b) E

$\\"I ._._, __._._, .__._._ 25. At tangency, what is the MRTSLK$

\\"I ._._, __._._, .__._._ 25. At tangency, what is the MRTSLK if the p._ = $25 and the pK = $50. (a) T (b) E (d) Cannot be determined with the infarlrration provided. L PL (a) The increase in output per dollar spent on labor. (b) The ratio of the marginal product of labor to the price per unit of labor. (0) The marginal product per dollar spent on labor. (d) Either (a) or (c). 26. What is the best explanation for what means? 27. Which of the following is m one of the four elements of a perfectly competitive market? (a) Large numbers of buyers and sellers. (b) Complete information (c) Product homogeneity (d) Gates to success 28. In a perfectly competitive market, the demand curve for a product at the firm-level is (a) unit elastic (b) perfectly elastic (c) perfectly inelastic 29. Fill in the blanks to create the best answer: That \"firms which are not maximizing product (or close to) will , while firms striving to make profit maximizing decisions will . This is called the principle." (a) win; lose; winner's principle (b) lose; win; winner's principle (c) fail, survive; survivor's principle (d) survive; fail; survivor's principle

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