« previous next »

Author Question: A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average ... (Read 344 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?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Titration Curve Titration Curve
Children with Down syndrome have a small head, short, thick neck, flattened face, and a distinctive ... Children with Down syndrome have a small head, short, thick neck, flattened face, and a distinctive ...
Short-wavelength flux is reflected by Earth Short-wavelength flux is reflected by Earth
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
question in cost accounting question in cost accounting
Effects of acidosis and alkalosis on the oxyhemoglobin dissociation curve Effects of acidosis and alkalosis on the oxyhemoglobin dissociation curve
Video: Steps of glucose catabolism

For a complete list of videos, visit our video library