As a perfectly competitive firm produces at the point where price equals marginal cost, it has no supply curve, only a supply point

The above figure shows the market for college education in the United States. With no government intervention, the market equilibrium is at a tuition of ________ and ________ million students per year

A) 16,000; 14 B) $20,000; 10 C) $13,000; 10 D) $13,000; 17 E) $16,000; 10

Technological advances make it possible to

A) produce goods without using any resources. B) obtain the same output by using more resources. C) obtain the same output by using fewer resources. D) lower labor productivity.