If a firm is in a perfectly competitive world but decides to charge a higher price than its competitors,
A) the firm's profits will be zero or negative, and the firm will fail in the long run.
B) the firm's profits will be zero or negative, and the firm will fail in the short run.
C) the firm's profits will be positive or negative, and the firm will fail in the short run.
D) the firm's profits will be positive or negative, and the firm will fail in the long run.
A
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Which of the following is an example of an implicit cost a firm might incur?
A) the opportunity cost to investors of the funds invested in the firm B) the wages paid to employees C) utility payments D) the payment for medical insurance coverage
The pattern of inflation around the world has been very _____________.
a. mixed b. steady c. static d. flat
Which of the following is an example of a negative externality?
A. A Japanese company begins to produce cars and earns large profits. B. An employee of a chemical company spills acid on his arm, causing severe damage. C. John plants fruit trees in his front yard, which attracts bees, which sting neighbor Mary. D. Sally buys coffee at McDonald's, spills some on her, and burns her arm.
Describe the effects on U.S. producers of steel, U.S. and consumers of steel, and the U.S. economy overall, after the United States imposed tariffs on steel imports in 2018. For the overall effect on the United States as a result of the steel tariffs, explain why it matters that the United States is a large importer of steel.
What will be an ideal response?