D. horizontal; downward sloping10) A decrease in the price of GPS systems will result inA. a decrease in the demand for GPS systems.B. an increase in the supply of GPS systems.C. a smaller quantity of GPS systems supplied.D. a larger quantity of GPS systems supplied.11) At a product's equilibrium priceA. the product's demand curve is the same as the product's supply curve.B. the product's demand curve crosses the product's supply curve.C. the quantity of the product demanded is less than the quantity of the productsupplied.D. the quantity of the product demanded is greater than the quantity of the productsupplied.12) If, for a product, the quantity supplied exceeds the quantity demanded, themarket price will fall untilA. the quantity demanded exceeds the quantity supplied. The market will then be inequilibrium.B. quantity demanded equals quantity supplied. The market price will then equal theequilibrium price.C. all consumers will be able to afford the product.D. quantity demanded equals quantity supplied. The equilibrium price will then belower than the market price.13) Marginal revenue product of labor for a competitive seller isA. the change in total product from hiring one more worker.B. the marginal revenue of the product multiplied by the output price.C. the output price multiplied by the quantity sold.D. equal to the marginal product of labor multiplied by the output price.14) Let product, price, and , then the equation that represents the condition where acompetitive firm would hire another worker is
A. P ×
B. P × W > MP.
C. P × MP > W.
D. P × MP < W.
15) Marginal revenue product for a perfectly competitive seller is equal to