A maximum price set by law above the market-clearing price is called a

In the table above, the marginal product of the first unit of labor is ________ units of output

A) 4 B) 5 C) 16 D) 20

A perfectly competitive firm will maximize its profit at the rate of output where the vertical distance between its total revenue curve and total cost curve is the largest. This is the same rate of output where

A) marginal revenue equals marginal cost. B) marginal revenue equals marginal profit. C) marginal revenue equals average revenue. D) average total cost equals marginal revenue.