In a perfectly competitive industry, an individual firm faces

The textbook's example of urban traffic flows demonstrates the notion of single-minded pursuits of one's own best interest

A) creates traffic jams. B) interferes with achievement of the public interest. C) produces social cooperation under appropriate rules of the road. D) will not work to any single person's advantage. E) will work to some people's advantage but will harm the vast majority.

Observations of consumer behavior suggest that when the price of gasoline rose above $3.50 per gallon, consumer demand for gas became considerably more price elastic

Indicate whether the statement is true or false