The Demand and Supply Curves Shown Below Apply to a Competitive

question 101

Multiple Choice

The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets. FIGURE 13-2
-Refer to Figure 13-2.This factor market is in equilibrium at point B.In equilibrium,the 30th unit of the factor is being paid transfer earnings of ________ and economic rent of ________.

• A)$120; -$2
• B)$16; $2
• C)$7; $1
• D)$210; $1
• E)$6; $2

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Definitions:

Synergy

Synergy occurs when the combined effort of a group or system produces a greater effect than the sum of their individual effects, often leading to enhanced performance or outcomes.

Organisational Context

The internal and external environment in which an organization operates, including its culture, structure, and external market conditions.

Work Attitudes

Employees' feelings, beliefs, and thoughts about their jobs, colleagues, and organizations, which can affect their work behavior and performance.

Personal Growth

The process of improving oneself through activities that enhance self-awareness, develop talents, and potential, contribute to the realization of dreams and aspirations.