Both monopolistically and perfectly competitive firms earn only normal profits in the long run
a. True
b. False
Indicate whether the statement is true or false
True
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Grocery shoppers who willingly pay high prices at one supermarket to avoid long lines at the check-out counter of another supermarket with lower prices demonstrate, through their actions,
A) they are not rational shoppers. B) they don't care about money. C) they would pay any amount of money to save a little time. D) all of the above. E) none of the above.
Refer to the above figure. At a price of four cents, the quantity of bubble gum supplied will be
A) 3. B) 2. C) 4. D) 5.
From an economic perspective, when a consumer decides to buy more life insurance, the consumer has most likely concluded that the:
A. opportunity costs of more insurance coverage are greater than the payment for more insurance coverage. B. marginal benefits of more insurance coverage are greater than the marginal costs. C. marginal benefits of more insurance coverage have decreased. D. marginal costs of more insurance coverage have increased.
In a private closed economy, the two components of aggregate expenditures are:
A. Consumption and government spending B. Consumption and net exports C. Consumption, investment, and net exports D. Consumption and investment