When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?

A rise in the price of a product lowers the total revenue from the product if the

A) income elasticity of demand exceeds 1. B) good is an inferior product. C) demand for the product is inelastic. D) demand for the product is elastic.

Adam Smith was an American economist that published The Wealth of Nations, one of the most important books in the history of economic thought

Indicate whether the statement is true or false