A market is ________ when a small number of firms compete

If a used-car dealer enjoys economic profits, then

A) as a group, its customers necessarily suffered a like amount in economic losses. B) as a group, its customers were necessarily made worse off. C) as a group, its competitors necessarily suffered economic losses. D) all of the above are true. E) none of the above is true.

The federal budget surplus recorded in 1998 resulted from a(n): a. decrease in taxes and rapid growth in federal outlays. b. increase in taxes and sluggish growth in federal outlays. c. decrease in taxes and a decrease in federal outlays

d. increase in federal outlays and taxes. e. increase in export earnings and decrease in import bills.