A Classical aggregate supply curve is

When a consumer spends all of his or her income and consumes a bundle of goods such that the marginal utility per dollar from all goods is equal, then the

A) consumer's total utility is maximized. B) consumer is in his or her consumption equilibrium. C) marginal utilities for each good are maximized. D) Both answers A and B are correct.

The monopsonist's markdown in the buying price increases as

A) the supply elasticity declines. B) the supply elasticity increases. C) the demand elasticity declines. D) the demand elasticity increases.