In the long run, perfectly competitive firms typically do not earn any economic profit

A measure of absolute price changes that excludes changes in energy and food prices is called:

A) fringe rate of inflation. B) core rate of inflation. C) overall inflation. D) none of the above.

The profit-maximizing level of output for a firm occurs at the point at which

A) P = ATC. B) P = AVC. C) MR = MC. D) MR = ATC.