Jonathan is currently enrolled in college full-time; however, he works part-time at a restaurant on weekends to earn some spending cash. Jonathan would be considered:

In the product market

A) businesses trade goods and services for resources. B) consumers trade monetary payments for goods and services. C) consumers trade goods and services for resources. D) consumers trade resources for goods and services.

If a profit-maximizing, perfectly competitive firm is making only a normal profit in the short run, then the firm is in:

a. disequilibrium. b. equilibrium where MR exceeds minimum ATC. c. equilibrium where MR equals minimum AVC. d. equilibrium where P = AFC. e. equilibrium where P = ATC