When marginal cost is positive, total cost is ________ as output increases

The percentage change in the quantity demanded of a good due to a percentage change in its price is referred to as the:

A) price multiplier. B) price elasticity of demand. C) shadow price of the good. D) consumer surplus.

Under a pure system of laissez faire, the government would not do which of the following?

a. prosecute criminals b. provide national defense c. punish those involved in conspiracies to fix prices d. establish minimum wages