The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). The current price is 35¢ per minute. If the price were to increase by ten cents per minute, consumer surplus would

In an English auction

A) the price decreases until someone bids. B) the price increases until nobody else will raise the bid. C) bidders put their bids in a sealed envelope. D) the winning bidder pays the amount bid by the person with the second highest bid.

Because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its

a. average revenue. b. average total cost. c. marginal cost. d. None of the above is correct.