Capitalism is an economic system in which there is public ownership of the means of production and resource allocation is determined through markets

In the short-run, firms in a monopolistically competitive market will earn zero economic profit

a. True b. False

At a price for which quantity demanded exceeds quantity supplied, a __________ is experienced, which pushes the price __________ toward its equilibrium value

A) surplus; downward B) surplus; upward C) shortage; downward D) shortage; upward