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Author Question: A perfectly competitive firm's short-run supply curve is its marginal cost curve below its average ... (Read 192 times)

s.tung

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on: Jun 30, 2018
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.


JaynaD87

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Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

d


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s.tung

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Reply #2 on: Jun 30, 2018
Thank you


JaynaD87

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Reply #3 on: Jun 30, 2018
No problemo


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