Luke skywalkers uncle owen operates a moisture farm on the planet Tatooine. The moisture farm utilizes droids as a resource to produce the moisture. Owen's production function is given in the accompanying table. If a barrel of moisture sells for 50 republic credits, what is the marginal revenue product of the fifth droid?

Number of droids: Output of moisture(barrels per month)

0 0

1 30

2 55

3 75

4 90

5 100

A. 10 barrels

B. 100 barrels

C. 500 republic credits

D. 5,000 republic credits

2.Using the same information from number 1 if a barrel of moisture sells for 50 republic credits and a droid costs 1100 republic credits per month to rent, how many droids should owen rent?

3.The U.S. exports wheat to Mexico, then the opportunity cost of wheat in the U.S. must be greater than the opportunity cost of wheat in Mexico.

A. true

B. false

4.What characteristics is unique to oligopolistic firms?

A. Economic profits can exist in the long run.

B. Barriers to entry in the market

C. Economics profits can exist in the short run

D. Interdependence of firms.

5.The period of time in which the firm can change the quantity of any resource is known as

A. the market period

B. the short run

C. the long run

D. the scale period

6.Is it true that "the last drop tastes as good as the first," then marginal utility must be

A. increasing

B. rising only slowly

C. diminishing

D. constant

7.In the short-run equilibrium, a firm in a monopolistic competitive market produces at a level of output at which

A. the revenue generated by selling an additional unit is equal to the cost of producing the additional unit

B.nonew entry will occur

C. the revenue per unit is equal to the cost per unit

D. the firm breaks even

8.A concentration ratio is the sum of the squares of the market shares of the largest four firms in a market.

A. true

B. false

9.Which of the following is not constant along an individual consumer's demand curve for steak?

A. the price of chicken

B. the price of steak

C. the consumer's income

D all of these