The costs associated with recalculating prices and printing new price lists when there is inflation are known as:

Perfect competition is characterized by

A) many buyers and sellers. B) a small number of firms. C) differentiated products of firms in the industry. D) high barriers to entry.

If the price of a good is 0, a consumer will

a. consume all units that have positive total utility b. consume an infinite quantity c. consume all units with positive marginal utility d. consume the entire amount supplied e. consume until total utility becomes 0