Excess capacity is the amount by which the _____ exceeds the quantity that the firm produces.

For a purely competitive firm _______________; and for a uniform-price monopolist _______________ :

When doing research, economists _______

When a business is calculating its operating costs, it must include _____.

When a company retains a product but reduces marketing costs, it is referred to as __________.

A period of strong economic growth tends to make a __________________.

When an economy gets the most out of its scarce resources is called______.

The economy’s ability to produce more goods and services is economic _____.

Economic goods are goods that are desirable but ____ in supply.

______advantage that occurs when a person, a region, or country can produce a good or service at a lower opportunity cost than others.

The equipment and structures used to produce goods and services is called _____.