Economists proclaim that competitive firms make zero economic profit in the long run. This shows how
A) detached economists are from the real world.
B) unrealistic economic theory is.
C) firms cover all their cost, both monetary and non-monetary.
D) firms cover only monetary cost when economic profits are zero.
C
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List four types of government policies which can aid economic growth
What will be an ideal response?
Critics of unions tend to focus on the fact that unions
A) tend to generate higher wages. B) reduce profits. C) are politically active. D) engage in restrictive labor practices.
Since World War II,
a. air pollution has worsened in most U.S. cities. b. many new pollutants have been introduced or identified. c. the federal government has reduced its reliance on economic incentives as a means of reducing pollution. d. All of the above are correct.
Games can be judged according to the payoffs
A. as competitive or noncompetitive games. B. as zero-sum, negative-sum, and positive-sum games. C. whether all companies participate or not. D. as collusive or noncollusive games.