When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ situation

In his classic treatise on public finance, Richard Musgrave says the economic activities of the state can be broken down into _____

a. allocation, distribution, production b. allocation, distribution, stabilization c. allocation, production, protection d. production, protection, allocation

Assume a monopolist's marginal cost and marginal revenue curves intersect and the demand curve passes above its average total cost curve. The firm will:

a. make an economic profit. b. stay in operation in the short run, but shut down in the long run. c. shut down in the short run. d. lower the price.