The price of a specific good in comparison to the prices of other goods and services is called:

In the above figure, a rent ceiling of $300 per month would

A) not affect the equilibrium quantity. B) result in a surplus of 7000 units. C) result in a shortage of 7000 units. D) result in a shortage of 2000 units.

If a perfectly competitive firm's price is less than its average total cost but greater than its average variable cost, the firm

A) is earning a profit. B) is incurring a loss. C) should shut down. D) is breaking even.