Based on the table above, the equilibrium price level is

Which of the following events would lead to an increase in the marginal product of labor for every quantity of labor?

A) An increase in the real wage B) A decrease in the real wage C) A favorable supply shock such as a fall in the price of oil D) An adverse supply shock, such as a reduced supply of raw materials

An example of ad valorem taxation is

A) a tax on luxury items. B) the corporate income tax. C) the personal income tax. D) the Social Security tax.