Mary Ann and Don provide catering services in a perfectly competitive market. When they started in business, the going rate was 50 per person per meal. After the price increased to 60, they became willing to supply more meals. Their response to the price change is shown by
a. a rightward shift of the market supply curve
b. a leftward shift of the market supply curve
c. movement up along their firm's marginal cost curve
d. movement down along their firm's marginal cost curve
e. a rightward shift in their demand for jobs
Question 2
If the government breaks up a constant-cost, nondiscriminating monopoly into a perfectly competitive industry, what would we expect with regard to output and price?
a. Output and price will decrease.
b. Output will increase and price will decrease.
c. Output and price will increase.
d. Output will decrease and price will increase.
e. No change.
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