China collectivized its agriculture during the Cultural Revolution

What is the struggle among various producers for the consumer's buisness called?

a) socialism b) competition c) incentive d) self-regulation

A perfectly competitive firm will maximize profits (or minimize losses) so long as price (marginal revenue) is:

A) greater than marginal cost. B) greater than average fixed cost. C) greater than average total cost. D) greater than average variable cost.