The change in fixed costs over the short run is seen in the behavior of marginal costs

A profit-maximizing monopoly will produce that output for which

a. marginal revenue equals price. b. average cost is minimized. c. marginal cost is minimized. d. marginal cost equals marginal revenue.

A trade deficit refers to a situation where:

A. Government spending (including transfer payments) exceeds tax revenues B. A nation's purchases from other nations are less than its sales to other nations C. Assets are less than liabilities D. Exports are less than imports