Inflation refers to an increase in the

Which of the following is true at the output level where diminishing marginal product first set in?

a. Both marginal product and marginal cost are at a minimum b. Both marginal product and marginal cost are at a maximum. c. Marginal product is at a maximum and marginal cost is at a minimum. d. Marginal product is at a minimum and marginal cost is at a maximum.

If the equilibrium price of an airline ticket is $500 and the government imposes a price floor of $400 on airline tickets, then fewer airline tickets will be sold than at the market equilibrium

a. True b. False Indicate whether the statement is true or false