If marginal revenue exceeds marginal cost in the short run, the perfectly competitive firm earns an economic profit in the short-run
a. True
b. False
Indicate whether the statement is true or false
False
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The figure above shows the demand for and supply of rental housing in Smallton. If a rent ceiling is set at $400, what is the rent?
A) $800 B) $600 C) $400 D) None of the above answers is correct.
If a Lorenz curve moves leftward and becomes closer to the line of equality over time, then
A) the population is growing. B) income is growing. C) income is being more equally distributed. D) income is being more unequally distributed.
Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia consume?
A) 75 B) 100 C) 125 D) 200
Suppose the parents of a child born in the year 2000 had invested $5,000 at a 10% interest rate to be paid out to the child when she turns 21 years old. Approximately how many times will the investment double by the time it is paid out to the child?
a. 2 times b. 3 times c. 4 times d. 8 times