The Demand and Supply Curves Shown Below Apply to a Competitive

question 55

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 20th unit of the factor is being paid transfer earnings of ________ and economic rent of ________.

• A)$120; -$2
• B)$16; $2
• C)$320; $80
• D)$120; $40
• E)$6; $2

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Definitions:

Pinnately Netted Venation

A pattern of leaf vein formation where one main vein extends from the base to the tip of the leaf, with smaller veins branching off laterally.

Guard Cells

Specialized cells in the epidermis of leaves, stems, and other organs that regulate the opening and closing of stomata to control gas exchange.

Dumbbell-Shaped

A description of an object or structure that is narrow in the middle and wider at both ends, resembling the shape of a traditional dumbbell used for exercising.

Mesophyll

The inner tissue of a leaf, containing many chloroplasts, where photosynthesis occurs.