Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. This implies the consumer should purchase more apples and fewer bananas in order to maximize utility

Which of the following is a TRUE statement?

A) The most important source of economic growth is the rate of population growth since a growing population stimulates demand for goods and services, and provides the labor to produce the goods and services. B) The most important sources of economic growth are the new ideas generated by entrepreneurs in an economic system that permits them to capture the rewards of their entrepreneurial activities. C) The most important sources of economic growth are the quantity and quality of the land and other natural resources a country controls. D) The most important source of economic growth is the extent to which the government directly enters into decisions where research and development activities should be directed and who should be involved in research and development activity.

Which market type has characteristics as follows: one firm, good or service produced has no close substitutes, barriers to entry prevent new firms from entering into the industry?

A) perfect competition B) monopolistic competition C) oligopoly D) monopoly