The free entry and exit of firms in a competitive price-searcher market guarantees that
a. both economic profits and economic losses can persist in the long run.
b. both economic profits and economic losses disappear in the long run.
c. economic profits, but not economic losses, can persist in the long run.
d. economic losses, but not economic profits, can persist in the long run.
B
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The line that relates the price of a good and the quantity supplied of that good is called the supply
a. schedule, and it usually slopes upward. b. schedule, and it usually slopes downward. c. curve, and it usually slopes upward. d. curve, and it usually slopes downward.
Seymour owns 3 acres of beautiful waterfront property on a large inland lake. In his will, Seymour donates the land to the state with the understanding that the land will be used as a state beach that anyone may use without paying any fees. This state beach
a. will tend to be overused because it is nonexcludable. b. is a common resource when it becomes crowded on sunny summer weekends. c. is rival in consumption when it becomes crowded on sunny summer weekends. d. All of the above are correct.
A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, what is the marginal product of the 5th unit of labor?
A. 4 B. 3 C. 5 D. 5.2
The Trump administration hopes to expand apprenticeship programs that provide skills needed by workers. This would ________ the employment-population ratio, which would increase ________
A) increase; growth in labor productivity B) increase; the growth rate of hours worked C) decrease; growth in labor productivity D) decrease; the growth rate of hours worked