Paul has the utility function U(q1,q2 ) = q1q2. If Paul consumes q1 = 4 and q2 = 2 his Marginal Rate of Substitution is

When a single firm can produce output over the relevant range of demand more efficiently than two or more firms can, because of the existence of economies of scale, we have: a. perfect competition

b. monopolistic competition. c. diseconomies of scale. d. a natural monopoly.

A barter economy is an economy where

A) goods and services are exchanged for money. B) money is exchanged for goods and services. C) goods and services are exchanged for other goods and services. D) goods and services are exchanged for liabilities.