The perfectly competitive seller's short-run supply curve is
A) its entire marginal cost curve.
B) its marginal revenue curve.
C) the part of its marginal cost curve above the average variable cost curve.
D) the part of its marginal cost curve above the average total cost curve.
C
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Households interact with business firms by:
a. buying resource services from business firms. b. paying wages for the use of labor. c. selling goods and services to firms. d. receiving payments from firms for use of resource services. e. paying rent to firms for the use of land.
A consumer is making purchases of products Alpha and Beta such that the marginal utility of product Alpha is 30 and the marginal utility of product Beta is 40. The price of product Alpha is $5 and the price of product Beta is $10. The utility-maximizing rule suggests that this consumer should:
A. Increase consumption of product Beta and decrease consumption of product Alpha B. Increase consumption of product Beta and increase consumption of product Alpha C. Increase consumption of product Alpha and decrease consumption of product Beta D. Make no change in the consumption of Alpha or Beta