The term economy refers to the structure of economic life, or economic activity, in a community, a region, a country, a group of countries, or the world

The markup pricing technique involves determining the selling price of a good by adding a profit markup to minimum average cost. This would result in maximum profits only if

a. average cost were constant. b. the markup were zero. c. the markup varied with the elasticity of demand. d. demand were inelastic.

Game theory provides us with a general approach to understanding the behavior of firms when their choices are interdependent

a. True b. False