A firm's marginal revenue product curve is downward sloping, which means the derived demand curve for an input is downward sloping

A characteristic of centrally planned economies is that:

A. The price is relatively unimportant in allocating resources B. Output reflects the pattern of consumer spending C. Entrepreneurship is quite prevalent and highly rewarded D. There are many incentives for innovation and hard work

A tax on beer will

A. lower the equilibrium price and raise the equilibrium quantity. B. lower the equilibrium price and lower the equilibrium quantity. C. raise the equilibrium price and raise the equilibrium quantity. D. raise the equilibrium price and lower the equilibrium quantity.