Wilbur's Bean Emporium serves barbeque sandwiches over the lunch hour. The marginal cost of t he 50th barbeque sandwich is $1.50. The average total cost of the 49th sandwich is $1.75. For Wilbur's Bean Emporium, __________ when output is 50 sandwiches.

"One of the defining features of monopolistic competition is product variety." Is the previous statement correct or incorrect?

What will be an ideal response?

Economists are concerned with an individual's

A) needs because needs represent the most important goods to an individual. B) needs because economists define needs to be the goods people need to survive. C) wants because, unlike needs, wants lead to shortages in the economy. D) wants because the existence of wants leads to scarcity.