For a perfectly competitive firm, the value of the marginal revenue product is
A. marginal physical product times the wage rate.
B. marginal physical product times the product price.
C. the same thing as marginal physical product.
D. the same thing as marginal factor cost.
Answer: B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Before its IPO, Twitter was an example of a private firm. As a private firm, Twitter was
A) not subject to government regulations and taxation. B) run by its founders, Evan Williams, Noah Glass, Jack Dorsey, and Biz Stone. C) not legally allowed to raise funds through venture capital firms. D) run by stockholders and a board of directors.
The market for toothpaste is a good example of perfect competition.
Answer the following statement true (T) or false (F)
The poverty rate is defined as:
A. the percentage of the population that falls below the relative poverty line. B. the percentage of the population that falls below the absolute poverty line. C. the percentage of low income earners to high income earners. D. the lowest one percent of all income earners.