Refer to Table 20-15. Looking at the table above, real average hourly earnings were equal to ________ in 2015

Justin Field just stopped at the Exxon station on the way to campus and bought four Butterfinger candy bars, two 20-ounce bottles of grape-watermelon Snapple, and 10 gallons of gas. His marginal-utility-to-price ratios are 3.21 for the Butterfingers,

4.8 for the Snapples, and 5.7 for the gas. Explain why this set of purchases did not maximize Ryan's utility and how could he have increased his utility.

If minimum average cost is the same over a large range of output,

a. the market will evolve into a natural monopoly b. minimum efficient scale is large as well c. only a few large firms will survive in the long run d. smaller firms have a cost advantage over larger firms e. firms of varying sizes can coexist