Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be

Describe some of the gains from lowering trade barriers that may be difficult to measure

What will be an ideal response?

The main reason Sears Roebuck became the largest retailer in the United States during the late nineteenth century was that:

a. it reduced a host of transaction costs which allowed higher profits to shareholders and lower prices to customers. b. the railroad network improved substantially and charged higher rates for transporting goods. c. the lack of competition lowered the cost of advertising and increased profits for shareholders. d. his organization only interacted with the best wholesalers, distributors, and shippers in the business.