In the long run the perfect competitor makes
A. zero economic profits and zero accounting profits.
B. some economic profits but zero accounting profits.
C. some accounting profits but no economic profits.
D. some accounting profits and some economic profits.
C. some accounting profits but no economic profits.
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Which of the following examples definitely illustrates a depreciation of the U.S. dollar?
A) The dollar exchanges for 120 euros and then exchanges for 100 euros. B) The dollar exchanges for 100 euros and then exchanges for 110 euros. C) The dollar exchanges for 275 euros and then exchanges for 250 yen. D) The dollar exchanges for 250 yen and then exchanges for 275 euros.
The reason why estimators have a sampling distribution is that
A) economics is not a precise science. B) individuals respond differently to incentives. C) in real life you typically get to sample many times. D) the values of the explanatory variable and the error term differ across samples.
Suppose a firm has total revenue of $200 million, explicit costs of $190 million, and implicit costs of $20 million. This firm's accounting profit is:
a. $80 million. b. $70 million. c. $10 million. d. ?$10 million.
If productivity of an economy increases then: a. the amount of goods and services produced by a worker per hour increases. b. the labor force increases
c. the real GDP per capita decreases. d. the labor force decreases.