A long-run aggregate supply curve may graphically be represented as a

Assume that at the current market price, a perfectly competitive firm's profit-maximizing level of output yields total revenues that are just equal to total costs. Which of the following statements applies to this firm?

A) The firm should shut down right now. B) The firm should continue to operate in the short run to minimize losses, but shut down if things don't improve over the long run. C) The firm is earning zero economic profit and should continue to operate. D) The firm should increase its explicit costs to reduce its tax burden.

Efficiency

a. and equality both refer to how much a society can produce with its resources. b. and equality both refer to how fairly the benefits from using resources are distributed between members of a society. c. refers to how much a society can produce with its resources. Equality refers to how evenly the benefits from using resources are distributed among members of society. d. refers to how evenly the benefits from using resources are distributed between members of society. Equality refers to how much a society can produce with its resources