Draw a graph of the demand, marginal revenue, average total cost, and marginal cost curves.

Suppose you hear of a great deal on a used car and wonder, "Why is the price so low?" This might be an instance of ________

A) tyranny of collateral B) adverse selection C) the free rider problem D) moral hazard

As in the modern world, price-discriminating railroad industrialists of yesteryear charged the highest prices in markets with the steepest competition

Indicate whether the statement is true or false