The law of diminishing marginal utility indicates that the marginal utility curve is:

Producer surplus is the ________ summed over the quantity sold

A) value of a good minus the price received for it B) price received for a good minus the value of the good C) price received for a good minus its marginal cost D) marginal cost of making a good minus the price received for it

Referring to the previous question, all else constant, a 5 unit increase in the wage index would cause:

A) quantity supplied to increase by 9 units and be shown by a movement up the supply curve. B) quantity supplied to decrease by 9 units and be shown by a movement down the supply curve. C) quantity supplied to increase by 9 units and be shown by a rightward shift of the supply curve. D) quantity supplied to decrease by 9 units and be shown by a leftward shift of the supply curve.