Which of the following is a major reason for the growing income inequality in the United States since 1975?

The change in the total output of a firm associated with using one more unit of an input is referred to as the:

A) marginal product of the input. B) total product. C) average product of the input. D) variable product of the input.

Compared to a single-price monopoly, the price charged by a perfectly competitive market with the same costs

A) is higher than the monopoly's price. B) is the same as the monopoly's price. C) is lower than the monopoly's price. D) could be higher than, lower than, or the same as the monopoly's price.