In the above table, what is the marginal factor cost of the 2nd worker?
A. $14
B. $24
C. $12
D. $64
Answer: A
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Indicate whether the statement is true or false
With parity pricing in agriculture, farmers
a. earn higher incomes now than nonfarmers b. fared relatively well during the Depression years of the 1930s c. have seen a persistent downward movement in their purchasing power d. did relatively poorly during the 1920s e. face a declining demand for food in the United States
The additional benefit to a consumer from consuming one more unit of a good or service
A) is equal to consumer surplus. B) is equal to the opportunity cost of consuming the good or service. C) is equal to marginal benefit. D) is equal to economic surplus.
In imperfectly competitive markets
A. some competition may exist in the markets. B. some competition may exist but only in other ways and not on price. C. some competition may exist but only on price and not in other ways. D. there is no competition in the markets.