The stable, long-run equilibrium in a competitive market occurs when the market price equals the lowest point on a firm's average total cost curve

John's utility of wealth curve is shown in the above figure. He currently has wealth of $20,000, and there is a 25 percent chance that he could lose it all. If an insurance company offers to insure against this loss for $6,000, John will

A) buy the policy. B) not buy the policy. C) be indifferent between being insured and uninsured. D) There is not enough information to answer.

Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 11th worker?

A) $1.50 B) $13.64 C) $150 D) $900