You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2. The profit-maximizing output for your firm is:

For the past 30 years, labor's share of national income ________ while labor productivity ________

A) fell dramatically, increased B) remained roughly constant, dropped C) remained roughly constant, increased D) increased modestly, dropped

For a firm in a perfectly competitive product market, the marginal resource cost curve is horizontal if the resource market is also competitive

a. True b. False