Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income

For a perfectly competitive firm, marginal revenue product is equal to price minus marginal revenue

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

The island nation of Sonorez produces 200 tons of wheat and 500 tons of corn. Munisia, its neighboring country, produces 400 tons of wheat and corn each. Sonorez would like to consume another 80 tons of wheat and is willing to give up a 100 tons of corn for it. Munisia on the other hand would like an extra 50 tons of corn and is willing to give up 100 tons of wheat. Which of the following

conclusions can be drawn from this? a. The 2 countries will not trade because they will not come to a common bargain. b. Sonorez will trade 100 tons of wheat for extra corn. c. Munisia will trade 100 tons of corn for extra wheat. d. Sonorez will trade 50 - 100 tons of corn with Munisia for 80 - 100 tons of wheat.