In the long run of a perfectly competitive market, firms make...

a.Zero accounting profits.

b.Abnormal economic profits.

c.Abnormal accounting profits.

d.Zero economic profits.

A formulation of how things work based on observation is called a...

a.Theory.

b.Dataset.

c.Model.

d.Proof.

If you always choose what you believe is best for you at a given time for a given set of information, then you are...

a.A producer.

b.Irrational.

c.Rational.

d.A consumer.

For price discrimination to be effective, ...

a.Consumers need to respond identically to the monopolist's pricing strategies.

b.Demand facing the monopolist needs to be perfectly elastic.

c.The monopolist needs to prevent resale within the segmented markets.

d.Segmenting markets needs to be time consuming or expensive to do.