A firm operating in a competitive market will stay in business in the long run so long as the market price is equal to or exceeds the firms average total cost; otherwise, the firm will shut down

Increasing opportunity cost occurs along a production possibilities frontier because

A) resources are not equally productive in all activities. B) increasing wants need to be satisfied. C) in order to produce more of one good decreasing amounts of another good must be sacrificed. D) production takes time.

The interest rate charged on overnight loans of reserves between banks is the

A) prime rate. B) discount rate. C) federal funds rate. D) Treasury bill rate.