The following simultaneous equations describe the demand and supply for a particular good in a competitive market.

The percentage change in the quantity demanded in response to a percentage change in the price is known as the

A) slope of the demand curve. B) excess demand. C) price elasticity of demand. D) All of the above.

Which of the following statements is correct?

A) Average variable costs always exceed average total costs. B) Average fixed costs are constant. C) Average variable cost reaches its minimum when average product equals its maximum. D) Average fixed costs are always less than average variable costs.