If the monopoly illustrated in the figure above could engage in perfect price discrimination, then when it maximizes its profit the total revenue collected by the firm would be

A perfectly competitive firm will be willing to produce even at a loss in the short run, as long as

A. the loss is smaller than its total variable costs. B. the loss is smaller than its marginal costs. C. price exceeds marginal costs. D. the loss is smaller than its total fixed costs.

If the demand for macaroni and cheese decreases as income increases, macaroni and cheese is a(n)

A. inferior good. B. normal good. C. complementary good. D. substitute good.