The marginal revenue curve of a firm coincides with the average revenue curve under perfect competition

In the circular flow model, consumption goods are bought and sold in the

A) goods markets. B) financial market. C) factor markets. D) government market. E) monetary flows.

According to the Coase theorem, part of what is needed for private transactions to be efficient is that property rights

A) must be defined, but it does not matter who owns the property. B) must be defined, and it is crucial as to who owns the property. C) need not be defined as long as there are no transactions costs present. D) need to be defined by the government to avoid producers from exploiting high transactions costs.