A principle is a self-evident truth that most people readily understand and accept

A market demand curve reflects the

A) marginal private benefits of consuming a product. B) external benefits of consuming a product. C) marginal social benefits of consuming a product. D) sum of private and social benefits of consuming a product.

Once a firm has determined the quantity of output it wishes to sell, the maximum price it can charge for each unit is determined by:

A. the demand curve facing the firm. B. the average cost of making the product. C. the marginal cost of making the product. D. the firm's marginal revenue curve.