The classical economists believed there was no role for government to play in restoring full employment

For a perfectly competitive rancher in Wyoming, if the price does not change, an economic profit could turn into an economic loss if the

A) average total cost curve shifts downward. B) average total cost curve does not change. C) average total cost curve shifts upward. D) marginal cost curve shifts downward. E) average fixed cost decreases.

Part of the entrepreneurial process in a competitive market economy involves

a. obtaining governmental control over the market so that a new product has some chance of being successful. b. knowing from the start the proper output and price to set for each new product. c. choosing the best structure, size, and scope of production for the firm to produce a new product. d. knowing in advance with certainty what products consumers will want to buy.