Bobby spends $100 per month on pizza and CDs. His utility from these goods is shown in the table above. The price of a pizza is $10 and the price of a CD is $20. Which of the following combinations of the two goods maximizes Bobby's utility?

A firm in a perfectly competitive industry will maximize profits by adjusting

A) average total cost until it equals price. B) price until marginal revenue equals marginal cost. C) output until average revenue equals short-run average total cost. D) output until marginal cost equals marginal revenue. E) price until average revenue equals average total cost.

Suppose a monopolist cannot price discriminate. To maximize profit, it will

a. always produce in the inelastic range of its demand curve b. never produce in the elastic range of its demand curve c. never produce in the inelastic range of its demand curve d. never produce in the elastic range of its marginal cost curve e. produce in the elastic range of the marginal revenue curve