An optimal choice can be characterized as a decision made by someone who is satisficing.

In a market with 1,000 identical firms, the short-run market supply is the

a. marginal cost curve above average variable cost for a typical firm in the market. b. quantity supplied by the typical firm in the market at each price. c. sum of the prices charged by each of the 1,000 individual firms at each quantity. d. sum of the quantities supplied by each of the 1,000 individual firms at each price.

On a per unit basis, economic profit can be determined as the difference between:

A. marginal revenue and product price. B. product price and average total cost. C. marginal revenue and marginal cost. D. average fixed cost and product price.