(1) Allocative Efficiency associated with competitive equilibrium is a condition where

a.Producer plus consumer surplus equals zero

b.Society obtains the greatest output for the least price

c.The price of output is greater than consumer surplus

d.AVC = ATC

(2) For a firm in a perfectly competitive industry

a.its ATC is its supply curve

b.its long-run AVC curve is its long-run supply curve

c.Its MC curve is its supply curve

d.its long-run ATC curve is its long-run supply curve