At the equilibrium price of a product,

a.prices will remained unchanged, even if there is excess demand

b.quantitydemanded equalsto quantity supplied

c.there may be excess demand for a product but not excess supply

d.shifts in supply and demand curves will not cause price changes

Suppose that price elasticity of demand for permasen cheese is 2, than demand for cheese

a.inelastic

b.elastic

c.unit elastic

d.zero elastic

Cost of production that changes with the number of units produced

a.average cost

b.variable cost

c.fixed cost

d.marginal cost (MC)