Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00  11414$422 10 330 90435  539 1176  1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. If the wage rate is $11, how many workers will Manfred hire to maximize profits?

The extra cost associated with undertaking an activity is called

A) opportunity cost. B) foregone cost. C) marginal cost. D) net loss.

Would the shopkeeper be able to convince the customer that he would usher the customer out if he gets a low price?

a. Yes, such threats are always credible b. No, because losing the sale is not in the shopkeeper's best interest c. No, because he would get more by accommodating the low price than losing the sale d. Both B&C