Suppose Louisa starts to use Facebook in order to connect with her school friends. She connects with some, but not all of them are on Facebook. If all her friends start using Facebook, it would lead to _____

In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________

A) can incur an economic loss; incur an economic loss B) can incur economic losses; make an economic profit C) must make an economic profit; make an economic profit D) can incur an economic loss; make zero economic profit

A tax levied on imported goods is called a(n) a. excise tax

b. quota. c. foreign profits tax. d. tariff.