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The following graph shows the demand and supply curves of a resource. The opportunity costs of the resource in equilibrium equal _____. figure 11.

Quiz 11

all figures in attachment thank you!

21. The following graph shows the demand and supply curves of a resource. The opportunity costs of the resource in equilibrium equal _____.

figure 11.3

a. ​$1,300


b. ​$0


c. ​$1,000


d. ​$300


e. ​$120



20. The following graph shows the labor market. The vertical axis measures wage in dollars, and the horizontal axis measures labor in hours. The economic rent in equilibrium equals _____.

figure 11.1

a. ​$160


b. ​$8


c. ​$80


d. ​$40


e. ​$16


19. The following graph shows the labor market. The vertical axis measures wage in dollars, and the horizontal axis measures labor in hours. Which unit of the resource is earning the least economic rent?

figure 11.1

a. ​The fifteenth unit


b. ​The thirtieth unit


c. ​The tenth unit


d. ​The twentieth unit


e. ​The fifth unit



15. The following table shows data for a firm. The first column shows the number of variable resources employed in production, the second column shows firm's total product, and the third column shows its product price. If the firm decides to hire five units of resource, then the market price paid to the resource is _____. 

Table 11.4

a. ​$74


b. ​$100


c. ​$24


d. ​$54


e. ​$34

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Top Answer

. ​$120 B 8$ c.... View the full answer

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