What must be true in a perfectly competitive equilibrium?
a. the marginal product of labor is equal to the real wage for every unit of labor.
b. the marginal product of labor is equal to the money wage for the last unit of labor.
c. the marginal product of labor can be less than the real wage for some units of labor.
d. the marginal product of labor can be greater than the price level for some units of labor.
e. the marginal product of labor only has to be equal to the real wage for the last unit of labor.
Question 2
The energy source most often used by the earliest factories was
(a) animal power.
(b) wind power.
(c) water power.
(d) steam engines.
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