If Utopia has a closed economy, the price of tile is $________ per case, and if it has an open economy the price of tile is $________ per case. 

Why do both households and societies face many decisions?

a) because resources are scarce b) because populations may increase or decrease over time c) because wages for households and therefore society fluctuate with business cycles d) because people, by nature, tend to disagree

The equilibrium price of a good sold in a competitive market is $10. If an individual firm decides to sell its product at a price higher than $10, ________

A) the firm's profits will increase B) the firm's revenue will increase C) the firm will lose all its consumers D) the firm's cost of production will decrease