Multiple Choice QuestionUnder pure competition, product price is Blank______, therefore the downward slope of the demand curve is due solely to the decline in the resource's marginal product, or the law of Blank______.Multiple choice question.constant; demandnegative; diminishing returnsconstant; diminishing returnsconstant; supplypositive; diminishing returns

Multiple Choice QuestionThe resource demand curve of a purely competitive seller is downward sloping because the marginal product of the resource Blank______, whereas the resource demand curve of an imperfectly competitive sellers is downward sloping because the marginal product diminishes and Blank______.Multiple choice question.diminishes; product price falls as output is increasedincreases; product price rises as output is increaseddiminishes; product price falls as output is decreasedincreases; product price rises as output is decreased

Multiple Choice QuestionFirms operating in pure competitive markets have resource demand curves that slope downward because of diminishing Blank______.Multiple choice question.marginal utilitymarginal returnsrevenuescosts

Multiple Choice QuestionWhat type of market is described by a constant product price and a downward sloping resource demand curve caused by a decline in marginal product?Multiple choice question.pure competitionmonopolyoligopolymonopolistic competition

Multiple Choice QuestionThe imperfect competitor's relative reluctance to employ more resources and produce more output when resource prices fall reflects its Blank______.Multiple choice question.rising marginal costsfalling marginal coststendency to restrict output in the product marketmarginal revenue first rising and then falling

Multiple Choice QuestionA firm operating in pure competition has a downward sloping demand curve due to the fact that the curve identifies Blank______.Multiple choice question.an direct relationship between price paid and quantity purchaseda perfectly elastic relationship between price paid and quantity purchasedan perfectly inelastic relationship between price paid and quantity purchasedan inverse relationship between price paid and quantity purchased