The social problem of resource allocation requires society to decide
a. all of the following
b. both d and e
c. how output should be produced
d. what goods and services should be produced
e. who gets what society produces
A
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Economic profit is defined as
a. total revenue minus price b. price minus quantity c. total revenue minus what must be paid to resources to attract them from their best alternative use d. total revenue divided by what must be paid to resources to attract them from their best alternative use e. total revenue plus what must be paid to resources to attract them from their best alternative use
Compared to a perfectly competitive market, a monopoly tends to produce
a. more output and charge a higher price b. the same amount of output, but charge a higher price c. less output and charge a higher price d. less output and charge the same price e. less output and charge a lower price