If the price of a product being sold in a perfectly competitive market decreases

Refer to Figure 12.4. Since the housing bubble burst and the economy returned to its initial, pre-bubble level before the corrective policy changed output, the impact of the change in policy is best represented as a movement from

A) point A to point B. B) point C to point D. C) point B to point D. D) point C to point B.

In the short run, the point at which average cost is minimized, the line from the origin to the point on the

A) total cost curve is tangent to the curve. B) total cost curve has the largest slope. C) total variable cost curve has the largest slope. D) total variable cost curve has the smallest slope.