Suppose that a competitive firm hires labor up to the point at which the value of the marginal product equals the wage and that labor is the only input that varies for the firm. If the firm pays a wage of $700 per week and the marginal product of labor equals 35 units per week, then the marginal cost of producing an additional unit of output is

Economists ________ that price controls are desirable

A) are reluctant to state B) never believe C) only recently agree D) are in agreement

The problem of "double marginalization" is

a. The retail price being too low due to an exclusion of both manufacturer and retailer markup b. The retail price being too high due to an inclusion of manufacturer markup c. The retail price being too high due to an inclusion of both manufacturer and retailer markup d. The retail price being too high due to an exclusion of retailer markup