In the short run, a perfectly competitive firm can earn:
a. positive economic profits.
b. zero economic profits
c. negative economic profits.
d. any of the above.
d
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There has been catch-up among ________, but there has not been catch-up among ________
A) developing countries such as Niger; industrialized countries such as Japan B) developing countries such as Niger; all countries of the world C) industrialized countries such as Japan; all countries of the world D) all countries of the world together; industrialized countries such as Japan
When quotas are eliminated, losers include
A. Domestic producers. B. Foreign producers. C. There are no losers when free international trade is established. D. Domestic consumers.
Which statement is true?
A. Poverty has been a problem only since 1933. B. Poverty cannot be inherited. C. There are more poor Americans today than at any other time in our history. D. Poverty is less of a problem today than it was in the early 1960s.
For a given seller, the figure below shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. If the market price of this good is $6, how many units would this seller produce? 
A. 250 B. 50 C. 150 D. 300