Since a firm in perfect competition is a price taker, the demand ...

[kwoodring]

Since a firm in perfect competition is a price taker, the demand curve for the firm's product is a horizontal line.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

Marginal utility is defined as:
 a. the extra satisfaction the consumer receives from an extra 1 of income.
  b. the total level of satisfaction a consumer receives upon the consumption of a certain number of goods.
  c. the number of hours a consumer would be willing to work to receive a certain product.
  d. the extra satisfaction a person derives from consuming an additional unit of a good.
  e. a comparison of the utility a good provides with the price of that good.

[mcni194]

Answer to Question 1

True

Answer to Question 2

d