The unemployment rate is higher with a minimum wage law than it would be without a minimum wage law

Firms maximize profits when marginal revenue equals marginal cost

Indicate whether the statement is true or false

Concord Piano Company has experienced a sustained pattern of losses because fewer people are buying pianos for their homes. In response, the owner of Concord has reduced the number of pianos it manufactures. Which of the following is suggested by the actions of Concord?

a. Concord is reducing its marginal costs. b. Concord is preparing to exit the market. c. Concord has reached the shutdown point. d. Concord is evaluating its allocative efficiency.