Scenario 13-18 farmer jack is a watermelon farmer. if jack plants no seeds on his farm, he gets no harvest. if he plants 1 bag of seeds, he gets 30 watermelons. if he plants 2 bags of seeds, he gets 50 watermelons. if he plants 3 bags of seeds he gets 60 watermelons. a bag of seeds costs $100, and the costs of seeds are his only costs. refer to scenario 13-18. farmer jack's marginal cost (i) curve is u-shaped. (ii) decreases with increased watermelon output. (iii) reflects diminishing marginal product. a. (iii) only b. (ii) only c. (i) and (ii) only d. (i) and (iii) onl

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.