Clifford lives by the motto "Eat drink and be merry today, for tomorrow doesn't matter." If today's consumption is represented by "x" and tomorrow's consumption is represented by "y", then which of the following best represents Clifford's utility function?

In describing the progress of the typical person in an economy, measuring the median income always does a better job than measuring the mean income

Indicate whether the statement is true or false

In a monopolistically competitive market,

a. entry by new firms is impeded by barriers to entry; thus, the number of firms in the market is never ideal.
b. entry by new firms is impeded by barriers to entry, but the number of firms in the market is nevertheless always ideal.
c. free entry ensures that the number of firms in the market is ideal.
d. there may be too few or too many firms in the market, despite free entry.