Any output combination outside the production possibilities curve is attainable in the current period only if prices decrease

A natural monopoly arises when

A) one firm controls the supply of a unique resource. B) a firm has many small firms that it can control. C) there are firms which act together as a monopoly. D) the long-run average cost curve slopes downward as it crosses the demand curve. E) one firm naturally convinces the government to limit competition in the market.

The tasks performed by the chef at your favorite restaurant could be categorized as

A) a good. B) an economic good. C) a service or intangible good. D) All of the above are correct.