Unanticipated inflation will benefit creditors at the expense of debtors

In maximizing net gains, the perfectly competitive firm will seek to:

a. minimize average variable cost. b. minimize average total cost. c. minimize marginal cost. d. maximize profit.

In a monopolistically competitive market, the consumer receives the benefit of

A) production at minimum average cost. B) production where price equals marginal cost. C) product differentiation. D) allocative efficiency.