An increase in the price of oil ________ aggregate supply, shifting the aggregate supply curve ________ and potentially bringing the ________ phase of the business cycle

Revenue maximization occurs when a firm sells at a price

A) that is equal to its minimum average variable cost. B) where its marginal revenue is equal to its marginal cost. C) where its marginal revenue is zero. D) None of the above

Diminishing marginal product affects the shape of the production function in what way?

a. The slope of the production function decreases as the quantity of input increases. b. The production function becomes steeper as the quantity of input increases. c. The production function slopes downward. d. The production function is horizontal beyond a certain quantity of input.