A perfectly competitive firm in the short-run can earn:
a. positive economic profits.
b. negative economic profits.
c. zero economic profits.
d. all of these are possible
d
Economics
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"The percentage change in quantity demanded divided by the percentage change in price" represents
A) the law of demand. B) the law of one price. C) the price elasticity of demand. D) the responsiveness of consumers to a change in quantity demanded. E) none of the above.
Economics
An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.
Economics