The figure above shows a typical perfectly competitive corn farm, whose marginal cost curve is MC and average total cost curve is ATC
Assuming there are no changes in technology, in the long run the lowest possible price for corn is ________ per bushel. A) $2.50
B) $2.00
C) $3.00
D) $3.50
C
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Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. 
Diminishing marginal productivity
A. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. B. means that adding one more unit of the variable input will reduce total product. C. occurs when the marginal product curve begins to slope downward. D. both a and c E. both b and c
Depression and lost self-esteem are examples of the ________ costs of unemployment, while the lost income and tax revenue are examples of the ________ costs of unemployment.
A. psychological; economic B. economic; psychological C. economic; social D. social; psychological
A monopolistic firm faces a continuously downward-sloping ________ curve.
A. average total cost B. demand C. supply D. marginal cost
At the point where marginal cost equals average total cost, average total cost will be
A. decreasing. B. increasing. C. at its maximum. D. at its minimum.