In the short run, the perfectly competitive firm will always earn an economic profit when

When firms in an oligopoly successfully collude and do not cheat on a cartel agreement, they can achieve long-run economic profit similar to

A) perfect competition. B) monopoly. C) monopolistic competition. D) non-colluding oligopolies. E) the firms in regulated industries.

In the short run, it is necessary to ________ a good whenever excess demand exists.

A. nonprice ration B. discontinue distribution of C. price allocate D. increase production of