1. Given the following information, assume both markets are perfectly competitive, and the chart represents the production function for a firm that makes paper clips.

Market for Paper ClipsMarket for Labor

Qd= 4000 - 400PQd= 300 - 5PL

Qs= -1000 + 600PQs= -150 + 5PL

LaborCapitalOutput

010---

11010

21030

31040

41049

51057

What price will this firm charge for paper clips?

Group of answer choices

a) 12 per unit

b) 10 per unit

c) 5 per unit

d) 15 per unit

2.Which of the following is an example of an in-kind transfer?

Group of answer choices

a) earning interest on a government bond

B) an inheritance of $100,000

c) the salary of a government workerMedicaid

d) Medicaid

3.,Which of the following is NOT an argument used to justify protection of U.S. industries?Protection will:

Group of answer choices

a) allow start-up firms a chance to compete and grow

b) help firms vital to national security

c) provide a source of government revenue if tariffs are used

d) generate trade surpluses that discourage other countries from retaliating