An individual seller in perfect competition will not sell at a price lower than the market price because
A) the seller can sell any quantity she wants at the prevailing market price.
B) demand for the product will exceed supply.
C) the seller would start a price war.
D) demand is perfectly inelastic.
Question 2
Refer to Table 10-2. Holding prices constant, when Keira's income changed from 18 to 23, what happens to her total utility and to the marginal utilities of the last cup of soup and the last sandwich purchased?
A) Her total utility and the marginal utility of the last sandwich consumed increase but marginal utility of the last cup of soup consumed decreases.
B) Her total utility and the marginal utility of the last cup of soup consumed increase but marginal utility of the last sandwich consumed decreases.
C) Her total utility decreases but the marginal utilities of the last cup of soup and the last sandwich consumed increase.
D) Her total utility, the marginal utility of the last cup of soup consumed, and the marginal utility of the last sandwich consumed all increase.
E) Her total utility increases but the marginal utilities of the last cup of soup and the last sandwich consumed decrease.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
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