In the above figure, using the slope across an arc, the slope of the curve between points a and b is

What two conditions are met when a consumer is maximizing utility?

What will be an ideal response?

In a competitive market, if buyers did not know all the prices charged by the many firms,

A) all firms still face horizontal demand curves. B) firms sell a differentiated product. C) demand curves can be downward sloping for some or all firms. D) the number of firms will most likely decrease.