In the short run, if the market price is below the firm's average total cost of production, the firm will always shut down

If wages for a certain type of labor were higher in one market than in another, then

A) the differential would exist into the long run. B) labor would move from the high wage market to the low wage market until wages were equal. C) labor would move from the low wage market to the high wage market until wages were equal. D) firms would not be acting as profit maximizers.

When costs spill over to third parties, there is a(n)

A) cost overrun. B) excessive competition. C) negative externality. D) government subsidy.