In a competitive market the ________ curve shows the marginal benefit received by consumers and the ________ curve shows the marginal cost to producers

A competitive firm sells its output for $60 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 20 units of output per day; the marginal product of the 11th worker is 16 units of output per day. The firm pays its workers a wage of $150 per day. For the 11th worker, the value of the marginal product of labor is

a. $480. b. $960. c. $1,200. d. $2,400.

Farm price supports require that the government buy up surplus goods.

Answer the following statement true (T) or false (F)