When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the

Which of the following statements is true?

A) All rational economic agents attempt to maximize their income. B) A rational consumer makes his decisions depending on what the majority chooses. C) A budget constraint is an economic tool that quantifies the trade-off between consumption of two goods. D) A trade-off refers to the exchange of goods between economic agents through a barter system or mutual exchange.

If a university expects $160,000 in ticket revenue from five home football games and $180,000 in ticket revenue if it adds a sixth game, the

A) marginal revenue of the sixth game is $20,000, B) marginal revenue of the sixth game is $30,000. C) sixth game will cost more than each of the previous five games. D) university should add a sixth game only if the average cost of a game is less than $30,000.