The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242354464572If the product the firm produces sells for a constant $2 per unit, the marginal revenue product of the third unit of the resource is

In 2012, the United States imposed countervailing duties ranging from 24 to 36% (on imports of about solar panels from China. Which of the following do you predict will happen if the United States decides to eliminate these duties?

a. The U.S. price of solar panels will fall. b. U.S. production of solar panels will rise. c. U.S. imports of Chinese solar panels will fall. d. The U.S. price of solar panels will rise.

Suppose a worker in Argentina can produce either 20 units of cloth or 2 bottles of wine per day, while a worker in Chile can produce either 24 units of cloth or 12 bottles of wine per day. If Argentina transfers 2 units of labor from wine to cloth and Chile transfers 1 unit of labor from cloth to wine, the combined output will be:

a. 16 bottles of wine and 8 units of cloth. b. 16 bottles of wine and 16 units of cloth. c. 12 bottles of wine and 12 units of cloth. d. 8 bottles of wine and 16 units of cloth.