A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $6 a bushel, the wage rate is $30, and the farmer employs eight workers. If the farmer is maximizing his profits, then the marginal product of the eighth worker is

A. 0.2 bushels.
B. 5 bushels.
C. 20 bushels.
D. indeterminate from the given information


Answer: B

Economics

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The various ways that vertical relationships can evade regulation include

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Economics

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Economics

An allocation of resources is Pareto optimal if

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Economics