For most people, as their income increases, their utility from that income ________ at a(n) ________ rate.

Firms use information on labor's marginal revenue product to determine

A) how much marginal product to produce at each wage rate. B) how many workers to hire at each wage rate. C) how much to produce at each output price. D) how much labor services to supply at each wage rate.

Which of the following would tend to increase the price of lumber?

a. a technological advance that lowers the cost of cutting timber b. an increase in the demand for newly constructed homes c. a decrease in the demand for wooden rocking chairs d. a decrease in the tax imposed on firms who produce lumber