19. Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. The consumer should purchase more bananas and fewer apples in order to maximize utility. T OR F

20. Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. This implies the consumer should purchase more apples and fewer bananas in order to maximize utility. T OR F

22. A firm's marginal cost equals the:

Group of answer choices

A. change in total cost divided by the change in total output.

B. slope of the supply curve.

C. slope of the demand curve under perfect competition.

D. slope of the total product curve when the latter is at its maximum.

E. ratio of total cost to total quantity.

24. The average total cost incurred by a firm is calculated by dividing:

Group of answer choices

A. total cost by total output.

B. total output by the number of people employed.

C. total output by total cost.

D. the change in total output by the change in the number of people employed.

E. the change in total cost by the change in the quantity of output.