Minimum wage is an example of a. a price floor. b. a price ceiling. c. price fixing. cl. exploitation. Which of the following statements is false? a. The competitive firm's marginal cost curve intersects its average variable cost curve from below at minimum AVC. b. The competitive firm's marginal cost curve intersects its average cost curve from below at minimum AC. Ave rage fixed cost is constant as output increases. d. Average cost is equal to the sum of average variable cost and average xed cost. 5'\" A market is said to be a natural monopolv if a. a firm displavs economies of scope for all levels of output. b. the government makes it one. c. one firm can produce the total market output at a lower cost than several firms could. cl. its product is patented