When a firm has economic profits equal to zero
A) the firm is earning a normal rate of return on investment.
B) the firm is not earning a normal rate of return on investment.
C) the firm should shut down.
D) the firm's accounting profits are also zero.
A
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The aggregate supply curve slopes ________ because a ________ in the price level brings a ________ in the real wage rate
A) upward; rise; rise B) downward; fall; rise C) upward; rise; fall D) upward; fall; fall E) downward; rise; rise
The phenomenon of crowding-out suggests that the positive impact of budget deficits on economic activity are reduced by ________
A) the impact produced by government spending on the environment B) an increase in national savings C) the interest rate effects associated with federal deficits D) the increase in pork barrel projects deficit spending entails
A firm that is the only seller of a good with no close substitutes is a(n)
A) perfect competitor. B) monopolistic competitor. C) oligopolist. D) monopolist.
The opportunity cost of working out for one hour is the value of the next-best activity that you could have done in that hour
a. True b. False Indicate whether the statement is true or false