What Are the Major Sources of Economic Profit

question 1

Multiple Choice

What are the major sources of economic profit?

• A) certainty, monopolistic competition, and inelastic supply.
• B) competition, perfect information, and elasticity of market demand.
• C) barriers to entry, uncertainty, and entrepreneurial alertness.
• D) externalities, inflation, and size of firm.

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Definitions:

Rerum Novarum

An encyclical issued by Pope Leo XIII in 1891, addressing the condition of the working classes and promoting workers' rights.

Roman Catholic

Pertains to the largest Christian church, led by the Pope in Vatican City, characterized by its traditions, liturgy, and teachings.

Political Bosses

Influential leaders who control a political organization or a political party unit, often using their power to manipulate electoral outcomes and governmental decisions for personal or group gain.

Galveston

A coastal city in Texas known for its historic significance and for being the site of the deadliest natural disaster in United States history, the 1900 hurricane.