Refer to the consumption schedule above. The break-even level of income would be at income level:

For any combination or outputs, there is an efficient allocation of income

a. True b. False Indicate whether the statement is true or false

The marginal revenue product of an hour of labor used in steel production is equal to

a. its marginal physical product times the hourly wage rate. b. its marginal physical product times the price of steel. c. the hourly wage rate. d. its marginal physical product divided by the price of steel.