When a firm is producing at the profit maximizing level of out put and P > ATC, the firm is:
A) breaking even.
B) incurring an economic loss.
C) earning an economic profit.
D) earning a profit or incurring a loss depending on the level of total fixed costs.
C
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The above figure illustrates a firm's total revenue and total cost curves. Which one of the following statements is FALSE?
A) Economic profit is the vertical distance between the total revenue curve and the total cost curve. B) At output Q1 the firm makes zero economic profit. C) At an output above Q3 the firm incurs an economic loss. D) At output Q2 the firm incurs an economic loss.
Which would best describe an oligopolized industry?
A. An industry dominated by two or three large firms B. An industry dominated by one large firm C. An industry with a very low concentration ratio D. An industry with many firms
Asset inflation:
A. does not occur when the economy faces globalization because prices are capped. B. is the rise in the physical increase in assets. C. is the rise in asset prices that exceed the rise in the real value of assets. D. is equal to goods inflation.
In Figure 45.3, the fact that workers become more valuable to employers because of the training required for certification is shown by 
Figure 45.3
A. the shift in old supply curve. B. the increase in the demand curve. C. the kinked shape of the new supply curve. D. the slope of the old demand curve.