As rational consumers, you attempt to maximize utility by allocating your time so that the expected marginal utility of the last unit of time spent in each activity is different

The total revenue curve of a perfectly competitive firm

a. is horizontal b. is vertical c. has a diminishing slope as output increases d. has an increasing slope as output increases e. has a constant slope as output increases

Which of the following is not a basic characteristic of a perfectly competitive market?

a. a large number of buyers and sellers b. significant nonprice competition among firms c. a standardized product produced by firms d. no barriers to entry e. no barriers to exit