Suppose firms in a perfectly competitive market are earning an economic profit. As new firms enter, the price ________ and the economic profit of each existing firm ________

England's American colonies were ultimately more successful than the colonies of other European powers. The reasons for this success include:

a. the realization that successful colonies would provide markets for English goods. b. a focus on establishing permanent settlements. c. the access to land which could be privately owned. d. all of the above.

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

a. $550 b. $551 c. $549 d. $500