If the demand for cigarettes decreases after the U.S. Surgeon General publicizes five new diseases associated with smoking, this is conclusive evidence that the demand for cigarettes is elastic

Macroeconomics is best defined by which of the following statements?

A) Macroeconomics is the study of how firms attempt to maximize profits. B) Macroeconomics is the study of the behavior of the economy as a whole. C) Macroeconomics is the study of individual households. D) Macroeconomics is the study of how the prices of individual goods are determined.

In the long run, under conditions of perfect competition, market forces come into play to

a. enhance profits. b. increase demand. c. eliminate profits. d. separate MR and AR.