The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve

How does the textbook's notion of competition as a process differ from the model of perfect competition?

A) The process notion allows for uncertainty and incomplete information; perfect competition doesn't. B) The process notion allows for price searching activity; perfect competition doesn't. C) The process notion allows for product differentiation; perfect competition doesn't. D) The process notion allows for a small number of participants; perfect competition doesn't. E) For all of the above reasons.

The MC curve slopes upward due to

A. increasing returns to scale. B. diminishing returns. C. constant returns to scale. D. decreasing returns to scale.