If the annual interest rate is 0%, the net present value of receiving $550 in the next year is

In the long run, a perfectly competitive firm can make an economic profit because its marginal cost equals its average total cost

Indicate whether the statement is true or false

In order for a voluntary agreement to be reached in general, transaction costs should be

A) infinite. B) high relative to expected marginal benefits of the agreement. C) low relative to expected marginal benefits of the agreement. D) determined by the Environmental Protection Agency.