Suppose a Firm Sells a Good for a Perfectly Competitive

question 153

Multiple Choice

Suppose a firm sells a good for a perfectly competitive price of $5. The equilibrium wage rate is $10. The first worker it hires produces five units. Two workers produce a total of nine units. If it hires two workers, the value of marginal product for the second worker is:

• A) $5.
• B) $45.
• C) $20.
• D) $10.

Understand the registration and significance of different types of interests in land, including easements and covenants.

Grasp the concept of life estate, fee simple ownership, and the related rights and limitations.

Identify the legal mechanisms available for changing ownership structures, including severance of joint tenancy and execution of wills.

Understand the principles governing leases, tenancies, and the implied rights and obligations of landlords and tenants.

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