Kevin owns a personal training gymnasium in Orlando. The above figure shows the demand and cost curves for his firm, which competes in a monopolistically competitive market
If Kevin trains 5 clients per day, he will ________ his profit and will ________. A) maximize; earn normal profit
B) not maximize; earn a normal profit anyway
C) maximize; earn an economic profit
D) not maximize; earn an economic profit anyway
E) not maximize; incur an economic loss
D
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The above table shows the distribution of income and wealth in Miseria. What percent of income is earned by the richest 40 percent of the population?
A) 20 percent B) 30 percent C) 55 percent D) 70 percent
Which of the following statements about an entrepreneur is true?
A) develops the vision for the firm and funds the producing unit B) sells his entrepreneurial services in the output market C) does not face personal risk D) purchases other factors of production in the output market
Break-even quantity is a point where
a. the level of profit is maximized b. the level of cost is minimized c. Only variable costs are covered d. There are zero profits
Productivity growth rates in the United States have remained fairly constant from 1948 to 2000
a. True b. False Indicate whether the statement is true or false