A monopolist's supply curve is the portion of its marginal cost curve above average variable cost

A fair bet is one where

A) the player has a 50/50 chance of winning. B) the player's utility function is convex. C) the expected value is zero. D) the expected value is positive.

In the model of perfect competition, the market demand curve is found by

A) a marketing analysis. B) taking the demand curve of a "representative consumer" and expanding it by the number of consumers of the good. C) horizontally summing the demand curves of individual consumers. D) horizontally summing the supply curves of individual firms.