Along a perfectly competitive industry's long-run supply curve
A. the market price is higher than the marginal costs of firms
B. the number of firms is constant.
C. economic profits are zero.
D. economic profits are positive.
Answer: C
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A market dominated by a few large sellers who sell identical or differentiated products is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Where would a country such as Japan get U.S. dollars in order to engage in managed float?
a. It would print them. b. It would use its reserve of dollars. c. It would sell yen on the open market in exchange for U.S. dollars. d. Since Japan's currency is the yen, it would not be able to obtain U.S. dollars. e. It would borrow U.S. dollars form the U.S.
Which of the following is not one of the categories into which the Bureau of Labor Statistics places each adult of each surveyed household?
a. employed b. unemployed c. underemployed d. not in the labor force
Suppose that in a month the price of movie rentals increases from $2 to $2.20. At the same time, the quantity of movie rentals supplied increases from 100 to 110. The price elasticity of supply for movie rentals (calculated using the initial value formula) is:
A. 0.02. B. 0.2. C. 1. D. 50.