You would be inclined to bid on a good at an auction if
a. its MU/P was higher than those for other goods you consume
b. its MU/P was lower than those for other goods you consume
c. the consumer surplus was less than its price
d. the consumer surplus was greater than the marginal utility from consuming the good
e. the marginal utility was higher than its price
a. its MU/P was higher than those for other goods you consume
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Only long-run changes in output can be brought about by unexpected change in policy
a. True b. False Indicate whether the statement is true or false
What are the four types of industry structures? Compare and contrast them with the number of firms in the industry, whether firms produce homogeneous or heterogeneous products, whether there are economic profits in long-run equilibrium, and how frequently the model appears in the real world