I. Production and Cost: One Variable Input 1. True/ False 1. If marginal product is decreasing, then average product must also be decreasing. 2. For a fixed-proportion technology, inputs cannot be ...

Generally, marginal cost will be horizontal when its value is constant for each unit produced, regardless of how many units of widgets you produce. Article continues below this ad ...

The Cournot model is one of the oldest and simplest non-cooperative game models for oligopolies. It assumes that firms produce homogeneous goods, have identical and constant marginal costs, and ...

If you have 30 diamonds and 30 slices of bread, the marginal utility of another slice of bread is going to go down, while the marginal utility of diamonds may continue at a more constant pace.

N-identical stores compete by choosing prices for a homogeneous good with constant marginal costs. Consumers search sequentially with perfect recall. Some consumers have zero search costs, while all ...