If a firm hires a resource in a perfectly competitive resource market,
a. it must also be a price taker in the product market
b. it must also be a monopolist in the product market
c. it faces a horizontal marginal resource cost curve
d. it faces an upward-sloping marginal resource cost curve
e. it faces a downward-sloping marginal resource cost curve
Question 2
Education confers positive externalities because
a. some education is done outside the market (i.e., in public schools)
b. curricula are regulated by the government, even in private schools
c. an educated person consuming education gains many benefits he or she did not expect when the process started
d. an educated person who has consumed education usually behaves in a way that benefits others
e. education gives benefits to individuals in excess of the costs they pay to get it
Many types of edible fungi are grown for the market.
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