all of the above*******
(are the labor, machinery, buildings, and natural resources used to make outputs)
is a legal minimum below which the price charged for a commodity is not permitted to fall
All of the above are correct.
of a commodity to a consumer (measured in money terms) is the maximum amount of money that she or he is willing to pay for one more unit of that commodity
for product X to a change in the price of another product Y, is the ratio of the percentage change in the quantity demanded of X to the percentage change in the price of Y that brings about the change in quantity demanded
chooses either output or price, and consumer demand determines the other.
Total profit = Total revenue - Total cost (including opportunity cost).
Total profit defined in this way is called
occurs in an industry when that industry is made up of many small firms producing homogeneous products, when there is no impediment to the entry or exit of firms, and when full information is avaliable
(a perfectly competitive firm faces a horizontal demand curve, this means that it can sell as much as it wants at the prevailing market price, ot can double or triple its sales without reducing the price of its product)
(under perfect competition, the firm's demand curve, average revenue, and marginal revenue curve are all the same)
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