When a firm hires 10 units of labor, 20 pens are produced. When it hires another unit of labor, the total output increases to 23 pens. If the price of one pen is $2, the value of marginal product of the eleventh unit of labor is:

Refer to the information provided in Figure 3.11 below to answer the following question(s). Figure 3.11Refer to Figure 3.11. A decrease in the price of mushrooms (an input for gardenburgers) will cause a movement from Point B on supply curve S2 to

A. supply curve S3. B. Point C on supply curve S2. C. supply curve S1. D. Point A on supply curve S2.

Efficiency is another word for equity.

Answer the following statement true (T) or false (F)