Competition among rent seekers results in
A) higher rents.
B) firms earning normal profits.
C) firms setting lower prices.
D) lower costs.
E) all competing firms earning an economic profit.
B
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If you wanted to understand how an economy grew without looking at the impact of inflation, you should use ________ to compare different times within the economy
A) real GDP B) nominal GDP C) the CPI D) the GDP deflator
Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. If the company had total costs of $2,000,000, what was the profit for this company?
A. $1,525,000 B. $3,525,000 C. $375,000 D. $850,000
Explain what is meant by saying that capital income is taxed twice
Total revenue divided by quantity is
A) average revenue. B) marginal revenue. C) quantity revenue. D) price revenue.