The utility of a good measures its satisfaction rather than its usefulness

"For a perfectly competitive market, an economic profit attracts new firms. But when these firms enter the market, the price falls and the economic profit is eliminated"

Are the previous statements correct or incorrect? What is the long-run profit or loss outcome for firms in a perfectly competitive market?

The Bureau of Labor Statistics has taken several steps to reduce the bias in the consumer price index. Which of the following is not one of the steps taken to reduce the bias?

A) updating the market basket every two years, rather than every 10 years B) using statistical methods to reduce the size of the quality bias C) conducting a point-of-purchase survey to track where consumers actually make their purchases D) incorporating substitutions by consumers when prices of specific products rise rapidly