When economic profits are positive in a perfectly competitive industry,
a. we would expect the market supply curve to shift to the left as a result.
b. we would expect the market supply curve to shift to the right as a result.
c. we would not expect any change in the market supply curve to result.
d. we would expect that the market demand curve to shift right as a result
b
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Suppose Renee can increase her total utility from consuming video rentals and books by buying one more book and renting one fewer video. Which of the following is true?
A) The marginal utility of video rentals is negative. B) The marginal utility of the last book consumed exceeds the marginal utility of the last video rental consumed. C) The marginal utility of the last video rental consumed exceeds the marginal utility of the last book consumed. D) The marginal utility per dollar spent on books exceeds that of video rentals.
A successful cartel ____ supply so that member firms earn ____ profits
a. restricts; monopoly b. expands; monopoly c. restricts; no economic d. expands; no economic
Which of the following is not found in the corporate form of business?
a. stocks b. bonds c. state charter d. dividends e. unlimited liability
Suppose that the country of Libraria made a concerted effort to increase the educational level of its people. If this effort had no effect on the wages of its workers, one might consider this as evidence in support of
a. the human-capital view of education. b. the signaling view of education. c. both the human-capital and the signaling view of education. d. neither the human-capital nor the signaling view of education.