Industry supply can be calculated by...

a.Summing horizontally the individual firms' supply curves.

b.Dividing market demand at any given price by the number of firms in the market.

c.Equating it to industry demand.

d.Summing vertically the individual firms' supply curves.

The average product of labour is maximised where...

a.It equals the marginal product of labour.

b.The marginal product of labour is maximised.

c.Total product is maximised.

d.The marginal product of labour is increasing.

A one-litre carton of milk costs $3, but a four-litre carton of milk costs $8. This is _____-degree price discrimination.

a.First.

b.Third.

c.Second.

d.Fourth.

If quantity of pizza is measured on the horizontal axis and quantity of hamburgers is measured on the vertical axis, then the horizontal intercept equals...

a.The price of pizza times that quantity of pizza.

b.The relative price ratio.

c.Total income divided by the price of pizza.

d.Total income.