In the long run firms will ________ as long as there are more economies of scale and new firms will enter the industry as long as they earn ________.
A. contract; zero profits
B. expand; positive economic profits
C. expand; zero profits
D. contract; positive economic profits
Answer: B
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Which of the following might limit the money creation process to an amount less than the potential amount?
a. bank pursuit of profits b. public holding some cash c. business demand for loan d. increased use of credit cards
Ozone depletion refers to a thinning of the stratosphere, which is the atmospheric layer that is positioned
a. between 1 and 3 miles above the earth’s surface b. between 3 and 6 miles above the earth’s surface c. between 7 and 25 miles above the earth’s surface d. none of the above
Each of the following has been a job of the Federal Trade Commission except
A. being a watchdog against the anticompetitive practices outlawed by the Sherman and Clayton Acts. B. preventing false and deceptive advertising. C. approving and disapproving corporate mergers. D. ensuring that the Sherman Act is not used against labor unions.
The practice by a monopolist of charging each buyer the highest price he/she is willing to pay is called
A) first-degree discrimination. B) second-degree discrimination. C) third-degree discrimination. D) fourth-degree discrimination.