If a firm faces a labor supply curve that is positively sloped, then the marginal cost of labor curve
A) equals the wage rate.
B) equals the minimum wage.
C) lies above the value of marginal product curve.
D) lies above the labor supply curve.
Question 2
In an indifference curve/budget line diagram, a consumer will select the combination of goods that is on the budget line and for which the
A) marginal rate of substitution between two goods is equal to the relative price of the two goods.
B) marginal rate of substitution between two goods is greater than the relative price of the two goods.
C) slope of the indifference curve is less than the relative price of the two goods.
D) slope of the indifference curve is greater than the relative price of the two goods.
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