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In the long run,competitive firms MUST be profit maximizers because if they do not maximize profits,
Petroleum
A natural liquid found beneath the Earth's surface that can be refined into fuel, lubricants, and various types of petrochemicals.
Coal
A combustible black or brownish-black sedimentary rock, often mined for use as a fuel source in electricity generation and various industrial processes.
Unrestricted Submarine Warfare
A type of naval warfare in which submarines sink vessels such as freighters and tankers without warning, as opposed to attacks per prize rules (laws of war).
Pancho Villa's Raid
An attack conducted in 1916 by the Mexican revolutionary Pancho Villa on the American town of Columbus, New Mexico, leading to tension between the United States and Mexico.
Q6: In the short run,marginal cost is increasing
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Q42: If the inverse demand function for a
Q47: The above figure shows the cost curves
Q48: If a market produces a level of
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Q137: Since there are no close substitutes for