The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is $10. For Acme Company, the marginal revenue product of labor is

The principle of decreasing marginal benefit explains why the marginal benefit curve

A) is upward sloping. B) has an infinite slope. C) is vertical. D) is downward sloping. E) is horizontal.

Perfectly competitive industries tend to produce low-priced, low-technology products

Indicate whether the statement is true or false