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Author Question: The demand and supply curves shown below apply to a competitive market for a factor used in the ... (Read 66 times)

byomi

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on: Oct 12, 2022

The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets.



FIGURE 13-2

Refer to Figure 13-2. This factor market is initially in equilibrium at point B. Assume that there is a decrease in the demand for widgets and a new equilibrium is established at point A. Which of the following statements about point A is true?


◦ The marginal revenue product of the 20th unit of the factor is $120, and economic rent of the 20th unit of the factor is $6.
◦ Transfer earnings for the 20th unit of the factor are $6, and economic rent of the 20th unit of the factor is $2.
◦ The marginal revenue product of the 20th unit of the factor is $6, and economic rent of the 20th unit of the factor is $0.
◦ Total economic rent is $120.
◦ Total transfer earnings are $120.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by byomi on Oct 12, 2022

KeriJennin

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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byomi

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

chereeb

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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