If the price of oranges went up by 20 percent, which of the following values of the cross price elasticity for apples would be most reasonable to anticipate?

In a perfectly competitive labor market, the labor supply curve facing the firm will be

A) upward sloping. B) downward sloping. C) horizontal. D) vertical.

In order to maximize profits, a firm should produce at the output level for which

a. average cost is minimized. b. marginal revenue equals marginal cost. c. marginal cost is minimized. d. price minus average cost is as large as possible.