Which of the following statements is true of the relationship among the average cost functions?

Markets are generally more effective at providing ________ and governments are most effective at providing ________

A) pure public goods; common pool resources B) pure private goods; pure public goods C) common pool resources; club goods D) club goods; pure private goods

Below is a student's answer to the question "What is microeconomics?" If you were the instructor, how would you correct the student's answer? "Microeconomics is the study of how government influences the choices made by individuals and bus

and of the performance of the whole national economy."