In an economy where firms in most industries are purely competitive firms, individual firms in each industry would produce ________ products and have a ________ share of industry output

A regulated natural monopoly that must set price equal to average cost will

a. suffer an economic loss b. earn a net economic profit c. earn a normal profit d. earn so little that it will close in the long run e. earn no profits of any kind

Profits can be thought of as

a. the return to enterprise. b. the reward for taking a risk and winning. c. what is left over after all wages, rent, and interest have been paid. d. All of these.