Fill in the Blank QuestionFill in the blank question.In an imperfectly competitive market, a price accompanying each increase in output (total product) applies not only to the marginal of each successive worker but also to all prior output units that otherwise could have been sold at a(n) price.

The increase in output created by the addition of one more unit of input is called:A.marginal revenue product.B.marginal resource cost.C.marginal physical product.D.marginal revenue.E.marginal cost.

Explain price-output determination in perfect competition.

Multiple Choice QuestionThe following statement is true about what type of market: the lower price accompanying each increase in output (total product) applies not only to the marginal product of each successive worker but also to all prior output units that otherwise could have been sold at a higher price.Multiple choice question.A perfectly competitive marketA free marketAn imperfectly competitive market

Use the following table to answer the next question.  The table shows the total costs associated with varying levels of output produced by a perfectly competitive firm. Output Total Cost0 $1,4001 1,6002 2,0003 2,6004 3,5005 4,800 If the product sells for $800 a unit, the firm's profit-maximizing output isMultiple Choice2.3.4.

The change in total output divided by the change in input is known asGroup of answer choicesmarginal cost.specialization.marginal product.marginal profit.total product.