Firms in a perfectly competitive industry are producing goods efficiently in the long run if each is producing at the minimum point of the

With an increase in the demand for a good, if prices are not allowed to increase:

A) social surplus will be maintained at maximum. B) there will be no incentive for firms to increase the quantity supplied of the good. C) a surplus will occur in the market. D) there will be an increase in overall efficiency in the market.

Refer to Figure 17-6. Salespeople would be indifferent to the two pay schemes if their monthly sales were

A) less than 20 vacuum cleaners. B) between 20 and 30 vacuum cleaners. C) between 30 and 45 vacuum cleaners. D) more than 45 vacuum cleaners.