CAT Questions

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The demand curve facing a perfectly competitive firm is a horizontal straight line equal to the equilibrium price of the entire market because a perfectly competitive firm can sell all units brought to market at the same price.

Making Optimal decisions at the margin requires "Weighing the costs and benefits of a decision before deciding if it should be pursued".

Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.

Number of students who took only Mathematics n(m) = 29
Number of students who took only biology n(b) = 32
Total number of students n(t) = 60
Total number of students of both mathematics and biology n(m b) = 60 - 8 = 52
Total number of students who took both = 32 + 29 - 52 = 9