Representative democracy makes no sense from an economic point of view

The above figure shows a graph of a market for pizzas in a large town. At a price of $10, the market

A) is not in equilibrium. B) has excess supply. C) does not have excess demand. D) All of the above.

The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if

A) P < MC. B) P < ATC. C) P < AVC. D) P < AFC.