The set of mechanisms and institutions that resolve the basic economic questions is called the

Which of the following statements is true?

A) Optimizers with the highest opportunity cost of time push up the rental price of apartments with the highest commute time. B) Optimizers with the lowest opportunity cost of time push up the rental price of apartments with the lowest commute time. C) As the rental prices of downtown apartments rise, only workers with the highest opportunity cost of time will be willing to rent them. D) As the rental prices of downtown apartments rise, only workers with the lowest opportunity cost of time will be willing to rent them.

Under what condition are profits maximized?

A) at the rate of output at which marginal revenue equals marginal cost B) at the output rate where marginal cost is greater than marginal revenue C) at the point at which the difference between total revenues and total costs is negative D) at the point at which the difference between price and quantity demanded is greatest