The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal external cost per ton is

An organization of sellers designed to coordinate their supply decisions to maximize joint profits is called a:

a. consumer cooperative. b. marketing association. c. regulatory agency. d. cartel.

In order for the law of diminishing returns to be present, we must have:

a. at least one factor of production to be fixed. b. output decreasing as more laborers are hired. c. the price of labor increasing as more workers are hired. d. simultaneous changes in labor and capital. e. double the output when labor input is doubled.