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CLopez678 CLopez678
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A year ago

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

Short description: A graph plots quantity of factor against factor price in dollars. Long description: The horizontal axis representing the number of factors ranges from 0 to 60, in increments of 10. The vertical axis representing factor price (dollars) ranges from 5 to 11, in increments of 1. The graph plots two lines and five points. The five points are as follows: A (20, 6), B (40, 8), C (50, 9), D (30, 11), and E (30, 7). From all five points, a horizontal dashed line and a vertical dashed line are drawn to meet the axes. Line, S passes through the following points: A, E, B, and C. Line, D passes through the following points: D and B. The two lines intersect at B.

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 ________.



▸ $6; $2

▸ $320; $80

▸ $120; -$2

▸ $120; $40

▸ $16; $2
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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capsy2capsy2
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CLopez678 Author
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A year ago
This helped my grade so much Perfect
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Helped a lot
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Brilliant ツ
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