Refer to Common Property I. Suppose the common property becomes privately owned. The owner behaves competitively and charges people an entrance fee for the right to use the property. The fee will be

The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.



a. P1.

b. P2.

c. P2 - P1.

d. zero.



c. P2 - P1.

Economics

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The effect of licensing requirements for an occupation is to

a. shift the demand curve for the occupation to the left, causing wage rates to fall. b. shift the supply curve for the occupation to the left, causing the wage rate to rise. c. shift the supply curve for the occupation to the right, causing the wage rate to fall. d. shift the demand curve for the occupation to the right, causing the wage rate to rise.

Economics

A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.What is the marginal product of labor?

A. 8 units of output per worker B. $16 per worker C. $8 per worker D. 16 units of output per worker E. none of the above

Economics