Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the total revenue earned by selling 180 gallons of gas?

If a firm hires a worker by paying him a wage lower than his value of marginal product, ________

A) firing the worker will increase the firm's profits B) the firm is making an optimum decision C) the firm should hire more workers to increase profits D) profits of the firm are minimized

Moving along the short-run Phillips curve, a ________ unemployment rate can only be achieved by paying the cost of ________

A) lower; a lower inflation rate B) lower; a lower price level C) lower; a higher expected inflation rate D) lower; a higher inflation rate E) higher; a higher inflation rate