A market includes
a. buyers only.
b. sellers only.
c. both buyers and sellers.
d. the place where transactions occur but not the people involved.
c
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In constructing the short-run aggregate supply curve, we define the short run as the period in which: a. the price level is constant
b. output is fixed. c. profit is constant. d. the costs of some resources are fixed. e. the economic growth rate is less than 4 percent.
Profit can be defined as the
a. difference between the sales revenue of a business firm and the opportunity cost of the resources required to produce the goods supplied by the firm. b. difference between a company's income and direct monetary costs of production. c. difference between the price of a product and the consumer's valuation of the good. d. amount of total revenue earned by the firm minus its payments to stockholders.