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Select the TWO correct statements Select one or more: a. The increasing supply curve is based on the assumption that firms are price-takers and that they have an increasing marginal production cost. ✔b. Social welfare is maximized when the marginal revenue is equal to the marginal cost. The increasing supply curve is based on the assumption that firms are price-takers and that they have a constant marginal cost. Od. The decreasing demand function implies that if the price of a good increases, consumers will buy less of it. De In a duopoly, each firm is a price-taker. O f. The increasing supply function implies that if the price of a good increases, firms will produce less of it. ✓ C. Question 4 Answer saved Points out of 1.00 Flag question