An increase in price, facing a perfectly competitive firm, means that the profit-maximizing output level will increase

Consumer sovereignty implies that

a. producers determine what goods will be produced and consumers are free to choose from among them b. consumers choose the composition of our economy's output c. goods are produced on the basis of need d. the government directs the production of consumer goods in the economy e. a committee of consumers determines the key issues in the economy

When economic profits are negative, accounting profits

A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.