________ occurs when an individual has no incentive in paying for a good because failure to pay does not prevent consumption

A firm should hire more labor when the marginal revenue product of labor

A) equals the wage rate. B) exceeds the wage rate. C) is less than the wage rate. D) Any of these can be true. E) None of these are true.

The demand curve faced by a perfectly competitive firm

a. is the market demand curve b. slopes downward c. is perfectly elastic d. is vertical e. rises when market supply rises