__________________: Occasionally, properties are sold with nonmarket financing. Favorable mortgage financing may allow buyers to pay a somewhat higher purchase price

The economic optimum production level for a common property resource occurs where

a. Total revenue equals total costs b. Average revenue equals marginal cost c. Average revenue equals average cost d. Marginal revenue equals total costs e. Marginal revenue equals marginal cost

If there is a permanent decrease in demand in a perfectly competitive market, then there is an initial ________ in price and existing firms ________

A) rise; make an economic profit B) rise; incur an economic loss C) fall; make an economic profit D) fall; incur an economic loss