In Perfect Competition, a profit-maximizing firm will follow the pricing rule:

	P = AVC
	P = VC
	P = TC
	P = MC

If Brazil produces more citrus with less labor and less land than any other country; it therefore necessarily has:

	Both a comparative and absolute advantage
	An absolute advantage in citrus production
	A comparative advantage in citrus production
	An absolute advantage and a comparative disadvantage in coffee production

The XYX Steel slashes prices drastically as an attempt to discourage short run competition, this is a strategy known as:

	price fixing
	predatory pricing
	competition
	collusion

In the United States, childless women with the same education and experience levels as men are typically paid a comparable rate.

	True
	False

According to Economists, a __________ occurs when the economies of scale are large relative to the quantity demanded in the market. This occurs in industries where the marginal cost of adding an additional customer is very low, once the fixed costs of the overall system are in place.

	Natural Monopoly
	Monopoly
	Monopolistic competition
	Oligopoly

Economic profit is the difference between________ and ______.

	total revenue; explicit costs
	total revenue; implicit costs
	total revenue; total costs
	profit; total costs