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    Monopolistic competition

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    1. One major reason predictions that population growth would outrip the economy's capacity to support a population turned out to be false is that
    (a) the supply of resources increaed faster than the dmand for them
    (B) the demand for resources increased faster than the supply of them
    (c) the population growht rate slowed and so did living standards around the world
    (d) government around teh world set strict quotas on the total fertility rates
    2. In the case of Maine re hake, the annual catch fell from 190.3 million metric tons in 1986 to less than 1 ton per year for msot to the 1990s. The situation would be an example of
    (a) fishery collapse
    (b) replacement rate
    (c)total fertility rate
    (d) total allwoable catch
    3. To find the amount by which the production of an additional worker increases a purely competitve firm' total revenue
    (a) subtract the wage from marginal product
    (b) divide marginal product by the wage rate
    (c) subtract marginal cost from marginal revenue
    (d) multiply marginal product by product price
    4. The demand for labor would most likely become more inelastic as a result of
    (a) An increase in the elasticity of the demand for the product that thelabor produces
    (b) and increase in the time for employers to make technological changes or purchase new equipment
    (c) a decrease in the porportion of labor cost to toalt costs
    (d) a decrease in the demand fodr the product

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    Solution Preview

    1. (a) the supply of resources increased faster than the demand for them.

    Malthusian theory said human race can never rise above subsistence level, but resource supply actually outstripped their demand and the biggest source of this was ...

    Solution Summary

    Monopolistic competition is illustrated in this tutorial.