From 1948 to 1980, the S&P 500 stock price index remained relatively stable.
Answer the following statement true (T) or false (F)
True
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Under perfect competition, regarding short-run profit, a firm may find itself losing money. This is true because
A. the firm was unable to pick the output that maximized profit. B. the market conditions make the highest possible profit a negative number. C. the demand for its product is strong. D. the firm could not produce enough output to make a profit.
Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, $0.03 for lemons, $0.02 for cups, and $0.10 for the opportunity cost of her labor. She can sell 300 glasses for $0.50 each. What are Wanda's total economic profits?
a. $150 b. $126 c. $96 d. $54
Exchange rate overshooting suggests that an unexpected increase in the domestic money supply by 10 percent will cause the short-run exchange rate value of the domestic currency to
A. appreciate by less than 10 percent. B. depreciate by more than 10 percent. C. depreciate by less than 10 percent. D. appreciate by more than 10 percent.
If the supply curve intersects the vertical (price) axis, the supply curve has an elasticity:
A. greater than 1. B. less than 1. C. that is indeterminate. D. equal to 1.