A perfectly competitive firm's supply curve follows the upward-sloping segment of its marginal cost curve above the:
a. average total cost curve.
b. average variable cost curve.
c. average fixed curve.
d. average price curve.
b
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For a consumer to maximize utility, he will choose
A. the point where the slope of the budget line equals the slope of the indifference curve. B. any point where the budget line and indifference curve intersect. C. the point where he gets the most of the good he prefers most. D. the point where the marginal rate of substitution is greatest. E. the point where marginal utility is zero for both goods.
The property of _____ implies that a consumer always prefers to consume more of either good, holding the consumption of the other good constant
a. monotonicity b. transitivity c. relativity d. reflexivity
The most important U.S. anti trust law:
a. Hampton Act b. Rule of Reason c. Sherman Act d. Wagner Act e. All of the above
Refer to the above figure. The points between B and C are known as
A. a peak. B. a trough. C. an expansion. D. a contraction.