If a perfectly competitive industry is in long-run equilibrium, the price of the product equals the minimum of:

Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units

A) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high.

According to Keynes, involuntary unemployment is possible because of

A) the existence of capital markets. B) long-term labor contracts and the existence of labor unions. C) government interference in the market economy. D) inflation.