True or False

1.A firm selling its product in imperfect competition, e.g., a monopolist, will have a more inelastic demand for resources than a firm selling its product in pure competition.

2.Not until television and the Internet did people start to complain there was "too much advertising."

3.An increase in the demand for the final good the worker produces will lead to an increase in the demand for the worker

Complete the table and answer the questions which follow. Assume the firm sells its product in a purely competitive market

and is hiring workers in a purely competitive market.

Units of a Resource	Total product	Marginal product	Product price	Total Revenue	Marginal Revenue Product
0	0	xxxx	$5	$0	Xxxxx
1	10	10	$5	$50	$50
2	19	9	$5	$95	$
3	27	8	$5	$135	$
4	34	7	$5	$170	$
5	40	6	$5	$200	$
6	45	5	$5	$225	$

If the cost per worker were $ 36 per worker, how many workers will the firm hire to maximize profits?

If the cost per worker were $26 per worker, how many workers will the firmhire to maximize profits?

If the cost per worker were $60 per worker, how many workers will the firmhire to maximize profits?

2. Demand for a worker (or for any resource) is said to be a _____________________ demand, that is a demand based on demand for the final good.