How does the law of diminishing marginal returns

Reference no: EM13234932

Discuss the role of advertising and the desired impact on the firm's demand curve. Contrast this to advertising at the industry level (think "Got Milk").

It was assumed that a monopoly would produce at a level that maximizes profits. Can you think of reasons why a monopoly might decide on their own to increase production and lower prices to earn an acceptable profit rather than maximize profits?

Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor?

Reference no: EM13234932

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