The theory that real shocks to the economy are the primary cause of business cycles is

We say that equilibrium in a perfectly competitive market is allocatively efficient because

a. the sum of consumer and producer surplus is maximized b. the sum of consumer and producer surplus is minimized c. the sum of consumer and producer surplus is zero d. consumer surplus is maximized e. producer surplus is zero

A perfectly competitive firm will not operate where MC = MR but at MC = AC.

Answer the following statement true (T) or false (F)