If Tie-Dyed T-Shirts is currently employing labor so that the wage is less than the marginal revenue product of labor, it must also be true that

A. the price of the product must be greater than marginal cost.
B. total revenues would be greater than total costs.
C. the price of the product must be less than marginal cost.
D. the wage is greater than marginal cost.

Answer: A

Economics

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Refer to the above figure. If the government imposes a price ceiling of $20

A) the quantity of goods that will be traded is 100. B) the quantity of goods that will be traded is 200. C) the quantity of goods that will be traded is 150. D) the quantity of goods that will be traded is 0.

Economics