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.
Uranus revolves around the Sun once every 84 Earth years. Its average distance from the Sun is rough
Average Hourly Earnings of U.S. Workers in Current and Constant Dollars
A typical distillation curve. Heavier molecules evaporate at higher temperatures and contain more ...
A Scatterplot of the Test Scores and Average Grades of 10 Students
A Short List of Human X-Linked Recessive and X-Linked Dominant Traitsa
The age-of-onset curve for Huntington disease (HD)