The slope of an indifference curve for products X and Y is the ratio of the marginal utility of product X to the marginal utility of product Y.

Which of the following is a difference between an oligopoly model with homogeneous products and a monopoly?

A) Firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run. B) Firms in an oligopoly with homogeneous products face stiff competition from its rivals, while there is no competition in a monopoly. C) There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly. D) Firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run.

Refer to Figure 2-9. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation

Which of the graphs in Figure 2-3 represent his production possibilities frontier? A) Graph A B) Graph B C) Graph C D) either Graph A or Graph B E) either Graph B or Graph C