If a perfectly competitive firm has economic profits greater than zero, then we know that
A) the firm's industry is not in long-run equilibrium.
B) the firm's industry is in long-run equilibrium.
C) the firm is producing at the bottom of the average total cost curve.
D) the firm will reduce output.
A
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The town of Marble Falls has 10 workers, of which 8 were employed and 2 were actively seeking work. After many months of seeking work, both of the unemployed workers became discouraged and stopped looking for work six weeks ago
The unemployment rate in Marble Falls is now A) 0%. B) 11.1%. C) 20%. D) 25%.
If a corporation pays a dividend, which group receives priority in receiving the dividend?
A) bond holders B) holders of common stock C) holders of preferred stock D) dividends are evenly divided by holders of common and preferred stock
A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is
A) a cartel. B) a natural monopoly. C) a monopolistic competitor. D) an oligopolist.
There is easy entry into the ________ and ________ industries.
A. oligopolistic; monopolistic B. monopolistic; perfectly competitive C. perfectly competitive; monopolistically competitive D. monopolistically competitive; oligopolistic