To maximize expected profit, a perfectly competitive firm with a random marginal cost and known demand should produce at the level that sets ________ equal to ________.

Which of the following statements best summarizes why buffalo almost became extinct during the 1800s?

a. Hunters from the East refused to respect the buffalo as the American Indians did. b. Demand for buffalo meat was high in Eastern markets. c. No one owned a buffalo until it was killed. d. Buffalo do not run away upon hearing rifle shots.

Secular deflation

A) has been a serious problem during the last three decades in the United States. B) although present, has not been a problem during the last three decades in the United States. C) has not been present in the United States since 1959. D) cannot exist in a capitalistic economy.