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1. When marginal revenue is greater than price the firm's profit is always positive.
True
False
2. When an increase in the quantity results in a reduction in profit marginal cost is greater than marginal revenue.
3. When wage is greater than marginal revenue hiring an additional unit of labor will result in a reduction in profit or an increase in loss.
4. A profit-maximizing firm should keep on hiring labor as long as the marginal revenue product of labor is greater than wage.
5. Generally, to maximize profit is to minimize cost.
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