Suppose a buyer hires an interpreter who charges 5 to negotiate a deal with a seller. The buyer's valuation of the good is 50 and the seller's opportunity cost is 35 . If the net benefit to the buyer is equal to the same received by the seller, what is the price agreed upon by the two parties?
a. 42
b. 40
c. 44
d. 38
Question 2
The law of diminishing return does not apply to a firm in the long run because in this phase:
a. all the factors of production are fixed.
b. there are no fixed factors of production.
c. there are some fixed and some variable factors of production.
d. the producer is required to produce a fixed level of output.
e. the producer can change the level of output only by changing the variable factors, fixed factors remaining unchanged.
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