The percentage change in the quantity demanded of a good due to a percentage change in its price is referred to as the:

Which rationing system leads to the most efficient use of available resources?

A) free market B) physical force C) first come, first served D) random assignment

Which of the following equations is CORRECT?

A) accounting profit = total revenue - (explicit costs + implicit costs) B) normal profit = accounting profit + economic profit C) economic profit = accounting profit - implicit costs D) economic profit = accounting profit - explicit costs