The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is at its maximum and equals 30. The marginal revenue product of labor is 300. The price of its output
A) is 0.10.
B) is 10.
C) is 9,000.
D) cannot be determined without more information.
Question 2
Which of the following is a negative externality connected to automobile transportation?
A) Driving faster than the 65 mph speed limit is not allowed, even though individuals are able to do it, and many want to.
B) In an accident, a person who chooses not to wear a seatbelt becomes an object moving around the inside of the car, possibly hitting other, belted-in, passengers with lethal force.
C) Gasoline is taxed on a per-gallon basis.
D) Gasoline is imported, and thus increases the trade deficit.
E) While stuck in traffic, you have a chance to listen to your favorite CD, which you haven't had the time to do in other places.
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