Bill and Krista sell potted plants from a roadside stand. The figure above shows Bill and Krista's marginal cost curve and the market price. If Bill and Krista sell 60 plants per week at $8 per plant, their producer surplus from all their plants is

The two human factors of production are

a. labor and mental exertion b. labor and entrepreneurship c. entrepreneurship and physical exertion d. labor and physical exertion e. entrepreneurship and mental exertion

The short-run average total cost curve is U-shaped because:

A. average fixed costs decline continuously as output increases. B. of increasing and diminishing returns. C. of economies and diseconomies of scale. D. minimum efficient scale is encountered.