If a monopolistically competitive firm is producing 450 units of output and at this output level, the price is $15 and the average total cost is $12, the firm profit/loss is equal to ________.

Economists assume people behave

A) instinctively. B) rationally. C) irrationally. D) greedily.

Whenever the absolute value of the price elasticity of demand is greater than 1, but less than infinite

A. demand is perfectly elastic. B. demand is unit elastic. C. demand is elastic. D. demand is inelastic.