Contestable markets improve the performance of imperfect markets with

What concept implies that a firm's marginal revenue product curve for labor will slope downward in the short run?

a. diminishing marginal returns b. the law of supply c. the law of decreasing cost d. the price equalization principle

If income were equally distributed among households,

a. each household's relative share of income would increase. b. each household's relative share of income would decrease. c. the top fifth of households would have 50 percent of the income. d. 50 percent of the households would receive exactly 50 percent of the income.