A firm in perfect competition is a price taker because _______.

Relative to al, joe has ________ if joe can produce a good at a lower opportunity cost than al.

Efficiency means _______

When there are more substitutes for a product, the ________ for the product is ________.

When a nation imports a good, its ________ surplus increases and its ________ surplus increases.

A demand curve that illustrates the law of demand ______.

Pure competition is important to economists because it is __________________ .

Purchasing state lottery tickets is reinforced with monetary winnings on a ________ schedule.

Producers want to charge prices that _____ and, they hope, earn profits.

Private markets tend to underproduce the optimal quantity of public goods because of ________.

Prices become higher when a unique and highly desirable item is auctioned ________.