The financial crisis of 2007-2009 worsened after the failure of which firm?

Answer the following statement true (T) or false (F)

1) Products and services are scarce because resources are scarce. 2) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 3) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 4) The present choice of position on the production possibilities curve will not influence the future location of the curve.

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

A. marginal cost. B. fixed cost. C. average variable cost. D. average total cost.