Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the second worker?

Producer surplus measures the difference between total revenues and fixed cost

a. True b. False

The more time that elapses, the

A. smaller the income elasticity of demand for the product. B. more price elastic is the demand for the product. C. greater the income elasticity of demand for a product. D. less price elastic is the demand for the product.