If the economy experiences an unplanned inventory accumulation at the full employment level of GDP, then the economy is in a(n)

In long-run equilibrium, every perfectly competitive firm

a. maximizes its output b. chooses its plant size and output level to operate at minimum long-run marginal cost c. chooses its plant size and output level to operate at minimum long-run average total cost d. earns an economic profit e. suffers an economic loss

In the short run, a firm will stay in business as long as:

A. price equals average revenue. B. marginal revenue is greater than or equal to marginal cost. C. price exceeds average variable cost. D. price is less than average variable cost.