Author Question: A perfectly competitive firm's short-run supply curve is the same as its A) ATC curve. B) MR ... (Read 45 times)

123654777 · **on:** Jun 29, 2018

A perfectly competitive firm's short-run supply curve is the same as its

A) ATC curve.
B) MR curve.
C) AVC curve.
D) MC curve above the minimum of the AVC curve.

Question 2

The table above gives the utility from pens and pencils. If pens and pencils both cost .25 each and the consumer has an income of 2.25, which of the following combinations maximizes the consumer's utility?

A) 3 pens and 6 pencils
B) 4 pens and 5 pencils
C) 5 pens and 4 pencils
D) 6 pens and 3 pencils