When a monopolist is ________, it has equated marginal revenue and marginal cost.

If the Lorenz Curve were used to graph the distribution of income in an economy where all households earn the exact same income, the graph would show a _____.

(A) Curved line and sloped diagonally upward. (B) Straight line and sloped diagonally upward. (C) Curved line and sloped diagonally downward. (D) Straight line and sloped diagonally downward.

Once a firm incurs diminishing marginal returns, total product will begin to decline as more of the variable input is employed

Indicate whether the statement is true or false