In which of the following market structures with 2 identical firms do both firms produce more than the Cournot outcome?

Which of the following is characteristic of indifference curves?

A. They are negatively sloped. B. They never intersect. C. They are convex toward the origin. D. All of the responses are correct.

What does "there is no such thing as a free lunch" mean in economics?

A. Sometimes people may take friends out to lunch and pay for them. B. All items in the lunch menu have specific prices. C. Products only have value because people are willing to pay for them. D. Scarce resources are used up to provide "freebies" and giveaways.