Q1: For a perfectly competitive firm, marginal revenue product is equal to price

Question

Q1: For a perfectly competitive firm, marginal revenue product is equal to price minus marginal revenue.

A) True

B) False

Q2: A union can influence the demand for labor by:

A) requiring union fees

B) raising union fees

C) effective advertising that convinces customers to buy the "union label"

D) all of the above

Q3: A decrease in the price of the output will decrease the firm's demand for labor.

A) True

B) False

Q4: In recent years, the poorest 20 percent of the U.S. population received approximately 15 percent of the total income.

A) True

B) False

Explanation / Answer

1-B) False

2-
D) all of the above

3-
A) True

4-
B) False

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