Normal profit is a term for
a. explicit profit.
b. the competitive rate of return.
c. the accounting profit forgone.
d. pure economic profit.
B
You might also like to view...
Monopolies ________ fair and ________ efficient
A) are always; are not B) might be; are always C) might be; might be D) are always; are always E) are never; are always
The key feature of monopolistic competition that distinguishes it from perfect competition is
A) many sellers. B) barriers to entry. C) interdependency. D) product differentiation.
Phillips's research looked at British data on
A) unemployment and inflation. B) unemployment and nominal wage growth. C) inflation and nominal wage growth. D) unemployment and output.
In 1981, in San Francisco Solano, Argentina, about 1,800 families took over a piece of wasteland. The government was able to deed 60 percent of this land to some families while the remaining part could not be deeded. The resulting houses varied greatly, based on whether the residents received title. Those who received title also behaved differently, having fewer children, and the children
experienced more education and better health. This is an example of the results from: a. scarcity. b. economic growth. c. economic freedom. d. private property rights. e. improved quality of life.