A small number of firms competing with each other is characteristic of:
a. monopolistic competition.
b. perfect competition

Which of the following statements is true?

a. Whenever marginal cost is below average total cost, marginal cost is decreasing. b. Whenever marginal cost is above average total cost, marginal cost is decreasing. c. Whenever marginal cost is above average total cost, average total cost is increasing. d. When marginal cost equals average total cost, marginal cost is minimized

In the classical model, the factors determining output and employment are the factors that ascertain the position(s) of

a. the labor supply curve only. b. the labor demand curve only. c. the aggregate production function. d. both the labor supply curve and the labor demand curve. e. Both c and d