Which of the following is not a major trading partner of the U.S.?

Normal profit is a term for

a. explicit profit. b. the competitive rate of return. c. the accounting profit forgone. d. pure economic profit.

The ________ part of a perfectly competitive firm's marginal cost curve that is equal to or above points on its average variable cost curve is the firm's short-run supply curve.

A. horizontal B. declining C. backward bending D. rising