Consider the perfectly competitive firm in the above figure. At what price will long-run equilibrium occur?

The three broad types of resources used to produce goods and services are also known as:

A) economic systems. B) factors of production. C) production possibilities. D) financial capital.

Consumer surplus is

A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay. B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item. C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay. D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.