If the graph shown is displaying a competitive labor market, the equilibrium wage in the market would be:

Suppose there is a rise in the price level, but no change in the money wage rate. As a result, the quantity of labor demanded

A) increases. B) decreases. C) does not change because there is no change in the real wage rate. D) decreases only if the money wage rate also decreases.

The "Law of Diminishing Marginal Returns" could also be termed the "Law of Increasing Marginal Costs."

Indicate whether the statement is true or false