« previous next »

Author Question: A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average ... (Read 188 times)

s.tung

  • Hero Member
  • *****
  • Posts: 577
on: Jun 30, 2018
A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average variable cost curve.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If water is essential for life, while diamonds are not, then why is water cheaper than diamonds?
 a. Because most people would rather die with a big diamond ring than live without one.
  b. Because the total utility generated by diamonds is larger than the total utility generated by water.
  c. Because most people do not understand their total need for water.
  d. Because water is abundant, the marginal utility of water is low, and price reflects marginal utility, not total utility.


JaynaD87

  • Sr. Member
  • ****
  • Posts: 368
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

s.tung

  • Hero Member
  • *****
  • Posts: 577
Reply #2 on: Jun 30, 2018
Thank you


JaynaD87

  • Sr. Member
  • ****
  • Posts: 368
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Blood PH Curve Hemoglobin Blood PH Curve Hemoglobin
Average Hourly Earnings of U.S. Workers in Current and Constant Dollars Average Hourly Earnings of U.S. Workers in Current and Constant Dollars
Short, Upbeat Massage Sessions can Improve Mental Alertness. Short, Upbeat Massage Sessions can Improve Mental Alertness.
Dose-response curve with threshold Dose-response curve with threshold
Typical bacterial population growth curve showing the initial lag phase Typical bacterial population growth curve showing the initial lag phase
Saturation curve for hemoglobin of humans, llamas, and other mammals. Saturation curve for hemoglobin of humans, llamas, and other mammals.
Video: Evolutionary tree of life Animation

For a complete list of videos, visit our video library