In the long-run perfectly competitive equilibrium, firms produce at the minimum of average total cost.

According to the text, those who hold stock in U.S. corporations

a. are only from the top 10 percent of the wealthiest individuals in the country b. cover a wide spectrum of American society c. are mainly over 65 years of age d. have very little education e. includes only 2 percent of the U.S. population

The net present value of $1,000 received at a time in the future would

a. decline if the $1,000 were received sooner. b. increase if the delivery date for the $1,000 were set farther into the future. c. increase if the interest rate rose. d. increase if the interest rate fell.