For a resource in a perfectly competitive market, marginal revenue product is equal to the price of the resource

Refer to Figure 7.1. Start from initial equilibrium. If firms reduce their capital stock, the new real wage could be ________ and the new amount of labor employed could be ________

A) X; C B) X; A C) Z; C D) Y; C

A ceiling imposed by a country on the quantity of a good or service it will import is called a

A. quota. B. tariff. C. non-tariff barrier. D. trade embargo.