In 2013, corporate profits were about ____ percent of national income
a. 7.2
b. 14.0
c. 25.3
d. 44.1
b
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Suppose that an increase in population increases demand in New Haven County's perfectly competitive market for auto repair. Which of the following is true in the short run?
a. Auto repair centers may be able to earn economic profit. b. Normal profits increase. c. The market supply curve of auto repair services shifts to the left. d. Either price or output is likely to increase, but it's impossible to say which. e. After firms have had time to adjust to the new equilibrium, the price of auto repair services will exceed the marginal cost.
If demand rises and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
Total expenditure equals total income
A) if firms do not save for future investment.
B) if firms earn zero profit.
C) because firms pay out everything they receive as income to the factors of production.
D) only if net taxes equals government expenditures on goods and services.
E) only if firms sell all the goods they produce in a given time period.
In Table 9.3, Market 2 would be in equilibrium if buyers believed plums account for:
A. about 16.67% of the market. B. about 33.33% of the market. C. about 66.67% of the market. D. about 88.89% of the market.