If there are 1,000 identical rice farmers who are each willing to supply 200 bushels of rice at $2 per bushel, what price and quantity combination is a point on the market supply curve for rice?

Rational choices: a. are based on a comparison of total benefits and total costs

b. can only be made by those who are economists. c. are made based on expectations of the additional benefits and additional costs involved. d. measure benefits based on the past.

In the case of a natural monopoly, as the number of firms in the industry increases, the average cost of producing a:

A. fixed number of units stays the same. B. fixed number of units decreases. C. variable number of units stays the same. D. fixed number of units increases.