QUESTION 7 Why are profits maximized at the point where marginal revenue is equal to marginal cost? A. because the slopes of the revenue and the cost curves are equal when profits are maximized B. because at this point adding an extra unit of labor will increase costs more than it will increase revenues C. because at this point the total cost of the firm is minimized D. because at this point the total revenue of the firm is maximized QUESTION 8 Which of the following statements is false? A. over the last 40 years, median real wages grew much slower than median nominal wages B. one of the reasons why median real wage growth was low despite the fact that the economy was growing is the rising income incquality O C. one of the reasons why median real wage growth was low despite strong median nominal wage growth is inflation OD. one of the reasons why median real wage growth was low is strong growth in average real wages QUESTION 9 One of the important determinants of aggregate labor supply is... A real wage C B. weather C. nominal wage