A war destroys much of the capital stock in the country of Omega. As a result, holding other factors constant, the real wage in Omega will ________ and employment in Omega will ________.

When the marginal and average products of labor are equal to each other, the

A) average product must be at its maximum value. B) marginal product must be at its maximum value. C) total product must be at its maximum value. D) None of the above answers is correct

If the price elasticity of demand (Ep) equals one in the short run, then, other things being equal, in the long run Ep will be

A) one. B) less than one. C) greater than one. D) indeterminate without more information.