Schumpeter’s theory that business cycles are caused by breakthroughs in the form of new products, new machines, or new production techniques is known as the

If resources are used efficiently, then ________

A) marginal social cost is minimized B) consumer surplus plus producer surplus is maximized C) consumer surplus equals producer surplus D) producer surplus is maximized

At the point where marginal cost equals average variable cost,

a. b and c. b. marginal cost is rising. c. average total cost is at its minimum. d. average variable cost is falling. e. there is no total cost.