FIGURE 13- 3 the Demand and Supply Curves Shown Below

question 57

Multiple Choice

FIGURE 13- 3 The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets.

-Refer to Figure 13- 3.This factor market is initially in equilibrium at point B.Assume that there is a decrease in the demand for widgets and a new equilibrium is established at point A.Which of the following statements about point A is true?

• A)Transfer earnings for the 20th unit of the factor are $6 and economic rent of the 20th unit of the factor is $2.
• B)The marginal revenue product of the 20th unit of the factor is $120 and economic rent of the 20th unit of the factor is $6.
• C)Total economic rent is $120.
• D)Total transfer earnings are $120.
• E)The marginal revenue product of the 20th unit of the factor is $6 and economic rent of the 20th unit of the factor is $0.

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