In the short run in a perfectly competitive industry,
a. each firm's supply curve is horizontal, but the market supply curve is upward sloping
b. the marginal cost curve equals the marginal revenue curve
c. the market supply curve is upward sloping because each firm's supply curve is upward sloping
d. the market demand curve is the sum of each consumer's marginal revenue curve
e. each firm earns only a normal profit
C
Economics
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If a car salesman is paid a commission on the sale value of the car, the owner is most likely to see
a. Large margins on sales b. Low margins on sales c. No sales d. None of the above
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Utility is:
A. a way of describing a consumer’s wants. B. only applicable to goods that are purchased. C. a measure of a consumer’s income D. All of these are true.
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