In the short run, a monopoly may
a. only earn positive economic profits.
b. only earn zero economic profit,
c. earn positive economic profits or economic losses.
d. only earn economic losses.
C
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The term "public sector" refers only to federal government purchases of goods and services
a. True b. False Indicate whether the statement is true or false
The change in the aggregate quantity of goods and services demanded in the U.S. is based on the logic that as the price level falls,
a. real wealth falls, interest rates rise, and net exports fall. b. real wealth falls, interest rates rise, and net exports rise. c. real wealth rises, interest rates fall, and net exports fall. d. real wealth rises, interest rates fall, and net exports rise.
During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300
In terms of dollars, the opportunity cost of attending summer school is A) $10,300. B) $6,000. C) $4,300. D) $3,300.
In perfect competition, a firm’s marginal revenue equals the price of the product.
Answer the following statement true (T) or false (F)