A firm with explicit costs of $3,000,000, no implicit costs, and total revenue of $3,000,000 would have
A. zero economic profit.
B. zero accounting profit.
C. accounting profits equal to economic profits, in this case both zero.
D. All of the choices are true of this firm.
D. All of the choices are true of this firm.
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Which of the following observations is true of subsidies? a. They act as barriers to trade
b. They reduce the amounts of actual labor, raw material, and capital costs of production. c. They are capable of distorting trade patterns. d. They reduce inefficiencies.
The only goods you consume are pizza and soda. Both are normal goods. You consider pizza and soda to be substitutes. Which of the following will lead you to eat more pizza?
A) The price of a pizza falls. B) The price of a soda falls. C) The price of a soda rises. D) Both answers A and C are correct.
If you believe that all workers should be paid the same, you believe in the
A) egalitarian principle. B) productivity standard. C) benefits standard. D) comparative worth principle.
The points along the supply curve represent the maximum willingness of firms to accept payment for a product offered for sale at various prices
a. True b. False Indicate whether the statement is true or false