1. (20 points = 22 minutes) Answer any two of the three parts to this question. Answer True, False, or Uncertain, and explain why. Your explanation is more important than the true or false answer. a. If demand for a firm's product is inelastic, then the firm's marginal revenue is positive (assume the usual downward sloping demand). PCVIWI b. Take as a given that kumquats are inferior goods. This means necessarily that kumquat demand is upward sloping. c. A profit maximizing firm chooses labor inputs such that their marginal revent product (or value of their marginal product) of labor equals the wage rate