If marginal revenue is less than price for a firm, it must be true that the firm

People with fixed incomes fare best in an inflationary period

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

Which of the following would be expected if the tariff on foreign-produced shoes were decreased?

a. The domestic price of shoes would fall. b. The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise. c. The number of unemployed workers in the domestic shoe industry would decline. d. The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.