In a world of perfect knowledge and communication, competitive markets, and no uncertainty,
a. there would be neither economic profits nor economic losses.
b. economic profits would exist, but losses would be eliminated.
c. economic profits and losses would exist to a greater degree than presently is the case.
d. there would be economic profits; there is not enough information to comment on economic losses.
A
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A) surplus; raises; decreases B) surplus; lowers; decreases C) deficit; lowers; decreases D) deficit; lowers; increases E) deficit; raises; decreases
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