When a competitive price-searcher market is in long-run equilibrium, the firms in the market will earn
a. substantial economic profits.
b. zero economic profits.
c. significant economic losses.
d. an above-normal accounting rate of return.
B
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The two leading countries of origin of U.S. legal immigrants in 2011 were Mexico and:
A. China B. India C. The Dominican Republic D. The Philippines
If one person's consumption of a good means that no one else can consume it,
a. that good is called a pure public good b. production of that good creates a negative externality c. consumption of that good creates a positive externality d. the good is said to be excludable e. the good is said to be rival
Over time, housing shortages caused by rent control
A.decrease, because the demand for and supply of housing are less elastic in the long run. B.decrease, because the demand for and supply of housing are more elastic in the long run. C.increase, because the demand for and supply of housing are more elastic in the long run. D.increase, because the demand for and supply of housing are less elastic in the long run.
How does the federal government determine the level of income that constitutes the poverty line for a family of a particular size?
a. The U.S. government defines the poverty line as income at or below three times the amount of money needed to buy basic, nutritionally sufficient food for all family members. b. The U.S. government defines the poverty line as income at or below four times the amount of money needed to buy basic, nutritionally sufficient food for all family members. c. The U.S. government defines the poverty line as income at or below twice the amount of money needed to buy basic, nutritionally sufficient food for all family members. d. The U.S. government defines the poverty line as income at or below five times the amount of money needed to buy basic, nutritionally sufficient food for all family members.