An individual wheat farmer produces wheat in a perfectly competitive market. A decrease in the market demand for wheat will cause the farmer's marginal revenue to ________ and his profit-maximizing level of output to ________.

A price searcher faces the following demand curve: At $9, $8, $7, and $6, the quantity demanded is 10, 20, 30, and 40 units, respectively. If the firm's marginal cost is $70 at any level of output, it would maximize net revenues by

A) producing 10 units and charging $9. B) producing 20 units and charging $8. C) producing 30 units and charging $7. D) producing 40 units and charging $6. E) charging $70 plus markup.

Joe manages a company that produces lawn mowers. Joe knows that the value of marginal product

A) decreases as he hires more labor to produce lawn mowers. B) does not change as he sells more lawn mowers. C) increases as he hires more labor to produce lawn mowers. D) increases as he sells more lawn mowers.