Alfred Marshall first described the concept of

Suppose that price is below the minimum average total cost but above the minimum average variable cost. In the short run, a firm that is a price taker would:

A. immediately shut down and get out of the industry. B. continue to produce a quantity such that marginal revenue equals marginal cost. C. shut down temporarily, in hopes of restarting in the near future. D. cut price and expand output in hopes of achieving economies of scale

An economic slow-down would cause the labor:

A. supply curve to shift left. B. supply curve to shift right. C. demand curve to shift left. D. demand curve to shift right.