When the curve that is tangent to the series of possible short-run average total cost curves is horizontal, this means that there are:

When total revenue minus total cost is equal to zero, the firm is:

What is the shape of the average total cost curve for a firm in the short run?

Exhibit 3-19 Supply and demand curves ​ ​ Initially the market shown in Exhibit 3-19 is in equilibrium at P2, Q2 (E2). Changes in market conditions result in a new equilibrium at P2, Q4 (E4). This change is stated as a(n):

Suppose a car wash with 2 washing stations and 5 workers is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:

Exhibit 3-23 Demand and supply curves ​ ​ In Exhibit 3-23, a movement from A to D is best described as a(n):

The elastic portion of the downward-sloping straight-line demand curve lies:

Price elasticity of demand measures:

If an excise tax is placed on a product that has a perfectly inelastic demand, then:

Which of the following must be true if average total cost is rising?