The above figure shows the long-run expansion path. With an increase in the wage rate, the long run expansion path will

The decision to innovate

A) depends on the marketing department's needs. B) depends on whether the firm wants to benefit its customers. C) is based on the marginal cost and the marginal revenue of innovation. D) is unnecessary in a monopolistically competitive market. E) None of the above answers is correct.

A profit-maximizing perfectly competitive firm should hire workers up to the point where labor's marginal revenue product equals the wage rate

Indicate whether the statement is true or false