To maximize profits a business in a highly competitive industry should set its price:

In perfect competition, the demand curve faced by an individual firm is:

Suppose you are eating buffalo wings at a local happy hour. Your total utility (assume you actually can measure utility using “utils”) after eating the 1st, 2nd, 3rd, and 4th wings is 80, 116, 136, 146, respectively. Your marginal utility from the 4th wing is __________ utils.

If new firms enter a market and costs remain stable, the industry is classified as:

Marginal cost (MC) is:

The short run is a period where: 

The shutdown point occurs when:

A budget constraint:

If a budget constraint shifts outward, what must have happened?

Which of the following statements MOST accurately describes why floating-point representation would be preferred over fixed-point or integer representation?