A potential benefit that comes from social regulations would be

The market demand curve in perfect competition is found by

A) horizontally summing the supply curves of the individual firms in the industry. B) horizontally summing the demand curves of the individual consumers. C) utility maximizing behavior of the "representative consumer." D) the interaction of supply and demand at the individual firm and consumer levels.

Suppose you are choosing between milk and cookies. If the opportunity cost of cookies in terms of milk increases, then the budget curve will

A. shift outward. B. rotate outward. C. rotate inward. D. shift inward.