In monopolistic competition there is an under-allocation of resources at the profit-maximizing level of output, which means that rev: 05_15_2018 Multiple Choice ATC is not equal to MC. price is greater than minimum ATC. price is greater than MC. price is greater than MR.

Gus needs to purée his soup while it's still in the pot. what is the best tool for him to use? a. potato masher b. immersion blender c. rotary mixer d. whisk

1. which one of the following would be an example of a supply-side market failure? a. a gas station is slowly leaking diesel fuel from its underground tanks, and after the leak is discovered, the business immediately cleans up the pollution at its own expense. b. a gas station is slowly leaking diesel fuel from its underground tanks, but the state uses taxpayer money to clean up the pollution rather than requiring the business to pay. c. your business wants to attract repeat customers by putting on a customer-appreciation picnic at a public park, but you decide not to because you couldn't prevent noncustomers from consuming the food and entertainment you provided. d. everyone rushes to the local retail outlet at midnight on the day of the release of a new video game console, and the store runs out before everyone is able to buy one.

Which of the following describes a situation in which there would be decreasing marginal utility? a. buying only necessities. b. buying a car to substitute for riding the bus. c. buying food in bulk to save money in the long run. d. buying a second winter coat.