Utility is determined by an individual's

For a firm producing in a perfectly competitive product market, the marginal revenue product of labor eventually

a. falls due to diminishing marginal returns to labor b. rises due to diminishing marginal returns to labor c. falls due to a falling product price d. falls due to a rising product price e. rises due to falling marginal productivity of labor

Which of the following statements is correct?

A. Rent performs an incentive function, but not a rationing function B. Wage rate does not perform an incentive function in the supply of labor C. Profits are payments to capital resource owners D. Demand is the "active," and supply the "passive," determinant of land rent