The _____________ of an event happening is, the relative frequency with which it occurs.

The text uses traffic congestion as an example of

A) a surplus of automobiles. B) a negative externality. C) a good priced above equilibrium. D) an engineering rather than an economic problem.

In the standard model of pure competition, a profit-maximizing firm will produce the output quantity in the short run where the gap between:

A. Marginal revenue and marginal cost is the largest, with revenue higher than cost B. Average revenue and average cost is the largest, with revenue higher than cost C. Total revenue and total cost is the largest, with revenue higher than cost D. Average revenue and average variable cost is the largest