In the textbook, the prices of the factors of production, returns from alternative activities, technology, seller expectations regarding future prices, and the number of sellers are called:

The marginal revenue product curve slopes downward only if the firm is a price searcher in the product market

a. True b. False

In order to survive in a market, a firm needs to

A. produce a product demanded by consumers at the lowest possible price while covering costs. B. charge higher prices for its products than its rivals and revise prices upward periodically. C. make extensive use of available technology. D. hire more capital and less labor.