1 a) Which of the following is the best explanation of the market supply curve?

Group of answer choices

it reflects utility-maximizing decisions by consumers in the market place

it slopes downward due to economies of scale at higher levels of output

it measures the marginal cost of production at each level of output

it represents the difference between total revenue and total cost at each level of output

1b) An increase in the number of firms in a perfectly competitive market causes:

Group of answer choices

an increase (shift right) in the market supply curve

an increase in each firm's average fixed cost curve

a movement upward along the market supply curve

a decrease (shift left) in the market supply curve

1c) The market for online meeting platforms can best be described as:

Group of answer choices

Monopolistic competition

Oligopoly

Monopoly

Perfect competition