In the debate between equity and efficiency, _____ tend to favor efficiency, while _____ tend to favor equity

A perfectly competitive firm will shut down when the price is just below the minimum point on the

A) average fixed cost curve. B) average total cost curve. C) marginal cost curve. D) average variable cost curve. E) marginal revenue curve.

Gasoline prices in the United States decreased significantly between 2008 and 2009. A decrease in the price of gasoline, holding other things constant, will cause which of the following to occur?

A) increase the demand for gasoline. B) decrease the demand for gasoline. C) increase the quantity of gasoline demanded. D) decrease the quantity of gasoline demanded.