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If demand is perfectly elastic,

The measure of the next-most-desired goods and services that are foregone in order to obtain something else is the

Refer to the table. Output (Units per Day)Total Cost (Dollars per Day)016130242358478 The marginal cost of the fourth unit of output is

Scarcity results when available resources cannot satisfy all desired uses of those resources.

The demand will be _________ if the consumer has _________ substitute goods to choose from.

A monopoly occurs when

States receive most of their tax revenues from

To maximize profits, a competitive firm will seek to expand output until the

Which of the following is the same for monopoly and competition under the same cost and demand conditions?

The profit motive can encourage businesses to do all of the following except