Select the statements below that are consistent with the input choice decisions of profit-maximizing competitive firms and monopolies. Choose one or more: A. For competitive firms, the marginal revenue product of an input equals the value of the marginal product. B. For a monopoly facing a downward-sloping demand curve, the marginal revenue product of an input equals the value of the marginal product. C. Monopolistic firms choose inputs of production at the point where the marginal revenue from each input equals the marginal cost. Competitive firms do not. D. Competitive firms and monopolies choose inputs of production at the point where the marginal revenue from each input equals the marginal cost. E. If the demand for a product is perfectly elastic, all else being equal, the optimal amount of an input of production is the same for a monopolist as it is for the competitive market as a whole. F. Competitive firms choose inputs of production at the point where the marginal revenue from each input equals the marginal cost. Monopolies do not.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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answer///the stewardship worldview;