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.
The characteristically small and relatively short-legged reindeer from Svalbard
Red-bellied short-necked turtle
Blood PH Curve Hemoglobin
A typical ECT sensor temperature versus voltage curve.
Linear dose-response curve
Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product