In a competitive market the demand curve shows the ________ received by consumers and the supply curve shows the ________
A) economic surplus; opportunity cost B) utility; average cost.
C) marginal benefit; marginal cost D) net benefit; net cost
C
Economics
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Consumption expenditure includes spending
A) on intermediate goods and services by firms. B) on office supplies by firms. C) by households. D) by households and spending on office supplies by firms. E) by governments when they are buying goods and services that consumers also buy.
Economics
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $12; AVC = $10; MC = $15; MR = $16. The firm should
A) increase output. B) decrease output. C) increase price. D) change nothing.
Economics