Refer to Figure 24-3. Which of the points in the above graph are possible short-run equilibria?

The marginal cost of catching a fish is the same as the average total cost at your current level of 3,000 fish. If the price you receive for fish is greater than the marginal cost of the 3,000th fish, you should

a. add another boat to your fleet b. decrease production until MC = MR c. increase production until MC = MR d. stop production at 3,000th fish e. decrease production until the marginal cost of the next unit is enough to pay for the workers, bait, and fuel

When the price of a commodity rises, we can expect

a. marginal utility of the last unit purchased will rise. b. marginal utility of the last unit purchased will fall. c. marginal utility of the last unit purchased will be unaffected. d. purchases to rise because of the increased marginal utility.