An economy that trades freely with the rest of the world is called a(n) ________ economy

If profit is commonly defined as "total revenue minus total cost," then

A) there is no way to measure losses. B) a negative profit implies a loss. C) losses can only be measured as "total cost minus total revenue." D) profits must always equal losses.

A market situation in which a large number of firms produce similar but not identical products is called

A) pure monopoly. B) monopolistically competitive. C) oligopolistic behavior. D) perfectly competitive.