The loss-minimizing output for the perfectly competitive firm occurs at the point at which

What factor might lead to the opening of several new pizzerias in a town?

(A) The supply of pizza is inelastic. (B) The price of a slice of pizza has gone up. (C) The price of a slice of pizza has gone down. (D) The cost of producing pizza has doubled.

If an economy is producing at a point on the production possibilities curve it represents: a. full employment of existing resources. b. the gains from trade that an economy can enjoy

c. the maximum amount of two goods that can be produced with existing resources. d. decreasing opportunity costs of producing both goods. e. overutilization of existing resources.