"No individual should have less than $20,000 income in the United States in 2010" is an example of

Both monopolistically competitive firms and perfectly competitive firms maximize profits

A) by producing where price equals average total cost. B) by producing where price equals average variable cost. C) by producing where marginal revenue equals marginal cost. D) by producing where marginal revenue equals average revenue.

Which of the following statements about cost curves is always true?

a. ATC decreases as output increases. b. AFC increases as output increases. c. AFC lies above AVC. d. ATC lies above AVC. e. MC lies below ATC.