The implications of the zero economic profit condition in a perfectly competitive market implies that the opportunity cost of capital is integrated into the firm’s cost relationships.
Answer the following statement true (T) or false (F)
True
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Drawing the supply curve and the demand curve on the same graph helps show how price is determined.
Answer the following statement true (T) or false (F)
What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if the price of synthetic textiles declines?
A) Decrease in demand B) Decrease in supply C) Increase in demand D) Increase in supply
Which of the following is not true with regard to the aggregate expenditure model? a. It explains short-run business cycles
b. It explains inflation. c. It assumes that consumption spending is the primary determinant of aggregate demand. d. It includes investment, government spending, and net exports.
The data collected by the Bureau of Labor Statistics have been criticized because
A. part-time workers are not counted in the number of workers employed. B. discouraged workers are treated as part of the labor force. C. some workers who are not looking for work are included in the labor force. D. millions of people with make-work jobs are counted as employed.