In the real world
A) many firms charge different prices based on consumers' willingness to pay.
B) all sellers charge one price set by the government.
C) profitable sellers will set one price based on the average elasticity of demand of buyers.
D) all sellers charge one price equal to the marginal cost of production.
Question 2
When the marginal product of labor rises
A) the marginal cost of production will exceed the average total cost.
B) the marginal cost of production also rises.
C) the average total cost of production also rises.
D) the marginal cost of production falls.
This chart illustrates the four quadrants in which we can place the relationships between the state
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