If firms in a competitive industry independently operate to maximize profits, the ________ are eventually equalized across the firms

What is the difference between "straight-time pay," "commission pay," and "piece-rate pay"?

What will be an ideal response?

If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is

a. 0.75. b. 1.25. c. 1.33. d. 1.60.