If the demand curve reflects consumers’ full willingness to pay, and the supply curve reflects all costs of production, then which of the following is true?

The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question. Refer to the information. The average total cost of 3 units of output is:

In this market, economists would call a government-set minimum price of $50 a:

Refer to the diagram. Points A, B, C, D, and E show:

In the diagram, the range of diminishing marginal returns is:

The competitive market system:

The elasticity of supply of product X is unitary if the price of X rises by:

The supply of product X is perfectly inelastic if the price of X rises by:

Competition means that:

Suppose the supply of product X is perfectly inelastic. If there is an increase in the demand for this product, equilibrium price: