The supply curve for a perfectly competitive firm is the portion of its marginal cost curve that lies above its marginal revenue curve

In the above figure, if the price is P1, the firm maximizes its profit by producing

A) nothing. B) where MC equals ATC. C) where MC equals P1. D) where ATC equals P1.

The three approaches to measuring economic activity are the

A) cost, income, and expenditure approaches. B) product, income, and expenditure approaches. C) consumer, business, and government approaches. D) private, public, and international approaches.