Comparing firms in perfectly competitive markets to monopoly firms, which charges higher prices?

In general, supply curves slope upward because:

a. increases in the price of a good result in lower opportunity costs. b. rising prices provide producers with a greater profit incentive. c. consumers buy a greater quantity. d. technology improves the ability of firms to produce more at each possible price.

When total production is greater than total expenditures, __________ is produced than households want to buy, which leads to __________ in inventory, which signals firms that they have __________, which causes firms to cut back production

A) less; decreases; underproduced B) less; increases; overproduced C) more; decreases; underproduced D) more; increases; overproduced