________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium

All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit?

a. Output will rise by more than it did when the previous unit was added. b. Output will rise but by less than it did when the previous unit was added. c. Output will fall by more than it did when the previous unit was added. d. Output will fall but by less then it did when the previous unit was added.

The marginal revenue curve for a perfectly competitive firm will be upward sloping.

Answer the following statement true (T) or false (F)