"The Consumer Price Index increased by 4.2 percent in the first quarter of this year." What type of statement is this?

If marginal benefit is equal to marginal cost, then the

A) producer surplus is equal to the consumer surplus. B) sum of producer surplus and consumer surplus is as large as possible. C) sum of producer surplus and consumer surplus equals zero. D) market has squeezed out total surplus so that it equals zero. E) deadweight loss is more than zero but less than its maximum.

Which of the following events will cause a downward movement along the value of marginal product of labor curve?

a. An increase in wage rate b. An increase in price of the product c. A decrease in wage rate d. A decrease in price of the product