Who or what is responsible for bringing together scarce resources to produce most of the goods and services in the U.S.?

If a perfectly competitive firm is incurring a short-run loss, it

a. then will incur a long-run loss b. will shut down c. will continue to operate in the short run if its fixed cost is covered d. will continue to operate in the short run if its variable cost is covered e. will raise its price in the short run

An increase in buyers' incomes

a. increases the quantity demanded of a good b. decreases the quantity demanded of a good c. increases the demand for a normal good d. increases the demand for an inferior good e. decreases the quantity demanded of a normal good