Refer to the above figure. Which panel demonstrates the law of supply?

The law of increasing opportunity cost states that

A. as output increases the marginal cost does not change. B. as output increases the marginal cost increases. C. as output decreases the marginal cost increases. D. as output increases the marginal cost decreases.

In the United States, monopoly regulation began primarily because:

a. there were no natural monopolies in the real world. b. the government wanted to promote other forms of business practices. c. monopolies did not typically follow occupational and safety rules. d. monopolies tended to restrict output and raise prices. e. most economists believed that the majority of industries were following the purely competitive model.

The intersection between the long-run aggregate supply and aggregate demand curves determines the:

a. marginal product. b. both level of full-employment real GDP, and average level of prices (CPI). c. average level of prices (CPI). d. level of full-employment real GDP.

One reason earnings tend to fall before retirement age is that

A) the experience of people is no longer valuable after they are 50 or 55. B) people tend to reduce the number of hours they work after age 50. C) people are retiring earlier. D) firms discriminate against older workers.