What is one reason why would corn production, which takes place in a perfectly competitive market, achieve an efficient use of resources?
A) because a perfectly competitive firm produces at the lowest possible long run average total cost
B) because a perfectly competitive firm produces where marginal revenue exceeds marginal cost
C) because a perfectly competitive firm is a price maker
D) because the goal of a perfectly competitive firm is to profit maximize
Question 2
If the substitution effect from a higher wage rate exceeds the income effect, then a higher wage rate
A) increases the quantity of labor supplied.
B) decreases the quantity of labor supplied.
C) shifts the supply of labor curve leftward.
D) shifts the supply of labor curve rightward.
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