The fact that rubies are more expensive than milk reflects the fact that for most consumers
A) the total utility from rubies exceeds that from milk.
B) the marginal utility from rubies equals that from milk.
C) more milk is consumed than rubies.
D) a quart of rubies is considered to be prettier than a quart of milk.
Question 2
Suppose the cost curves in the above figure apply to all firms in the market. If the initial price is P1, firms are ________ and some firms will ________ the industry.
A) making an economic profit; leave
B) making an economic profit; enter
C) incurring an economic loss; leave
D) incurring an economic loss; enter
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