When a market is in equilibrium
A) everyone has all they want of the commodity in question.
B) there is no shortage and no surplus at the equilibrium price.
C) the number of buyers is exactly equal to the number of sellers.
D) the supply curve has the same slope as the demand curve.
Question 2
As long as it does not shut down, a perfectly competitive firm earns the maximum profit as long as it operates so that
A) its price exceeds its average total cost.
B) market demand is inelastic.
C) its price exceeds its marginal revenue.
D) its marginal revenue equals its marginal cost.
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