An economic variable that measures something at a particular point in time is called a _____

The equilibrium price and quantity of a good under perfect competition are determined:

A) by the intersection of the market demand and total revenue curves. B) by the intersection of the total revenue and total cost curves. C) by the intersection of the market demand and market supply curves. D) by the intersection of the market supply and total revenue curves.

Equilibrium in a competitive market results in the greatest amount of economic surplus from the production of a good or service

Indicate whether the statement is true or false