In a competitive market where the elasticity of the market demand curve is -1.5, the number of firms is 20, and an individual firm faces a residual demand curve with an elasticity of -68. What is the elasticity of the supply curve?

Assume that a consumer purchases products A, B, and C in quantities such that the last dollar spent on each yields the same marginal utility and the consumer's income is totally spent. We can conclude that:

A) total utility is being minimized. C) marginal utility exceeds total utility. B) production costs are being minimized. D) total utility is being maximized.

Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,

A) at least in the short run, some firms will increase their output. B) at least in the short run, the price will increase initially. C) new firms will enter the market. D) All of the above answers are correct.