When universities charge students less than the equilibrium tuition for admission, they have to impose some nonprice-rationing device

In a purely competitive market place, the firm's output will be determined by

A) where MR = MC. B) where MR = ?y/?N. C) where MP = ?y/?N. D) where MC = P.

Assume a simple economy without a government and that saving and borrowing behavior is never observed. Then the value of

A) production is equal to income. B) expenditures is less than the value of production. C) production is less than the value of expenditures. D) production is less than income.