Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?

A price floor is the ________

A) maximum willingness to pay for a good B) minimum price that a seller accepts for a good C) lower limit on the price of a good D) upper limit on the price of a good

If a restaurant was a natural monopoly, its

A) marginal revenue curve would be horizontal. B) marginal revenue curve would be the same as its demand curve. C) marginal cost curve would still be declining when it crossed the demand curve. D) average total cost curve would still be declining when it crossed the demand curve.