Microeconomics, I have several questions that I am not sure about could you help me, please.

Question

54. In the short run, a perfectly competitive firm produces output and earns zero economic profit if _____. (Points: 3)

a. P > ATC

b. P = ATC

c. P < AVC

d. AVC > P > ATC

63. A consumer's spending is restricted because of ______. (Points: 3)

a. marginal utility

b. total utility

c. a budget constraint

d. utility maximization

I have 54. C and 63. C

Answer 1

b. P = ATC

When the firm&#039;s average revenue (price) is equal to average costs, it earns zero profit.

c. a budget constraint