Generally, expenses on a truck are a large part of a consumer's budget, so the demand for trucks is more likely to be

Which of the following statements is true?

A) Optimization is an easy process, and all economic agents are perfect optimizers. B) Optimization implies choosing the best option from a set of alternatives. C) It is easier for a person to optimize when he has less information. D) People always successfully optimize given the limited information they have.

As a price searcher, a monopoly firm

A) must only determine the price it charges. B) must determine its optimal price-output combination. C) must determine its output level and then accept the market price for its product. D) must determine the prices it pays for its inputs and accept the market price for its output.