The stock of knowledge, skills, and talents that people possess is called personal capital.

Monopolists may be able to earn profit, even in the long run, as the result of

a. consumer ignorance. b. an inelastic demand for its product. c. product differentiation. d. high barriers to entry.

Profit maximizing firms in competitive industries with free entry and exit face a price equal to the lowest possible

a. marginal cost of production. b. fixed cost of production. c. total cost of production. d. average total cost of production.