In the figure above showing the costs and benefits of paper production, there is an
A) external cost associated with paper production.
B) external benefit associated with paper production.
C) external cost associated with paper consumption.
D) external benefit associated with paper consumption.
A
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When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
The change in the total revenue of a firm that results from employing one additional unit of a factor of production is defined as the
a. total revenue product of the resource. b. marginal product of the resource. c. marginal revenue product of the resource. d. average revenue product of the resource.