In the short run, if a perfectly competitive firm is producing at a price below average total cost, its economic profit is:
A. positive.
B. zero.
C. negative.
D. normal.
Answer: C
Economics
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The field of macroeconomics developed when economists looked for causes of:
A. the wealth of nations. B. the Great Depression C. poverty and inflation. D. World War I.
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A consumer's willingness to pay directly measures
a. the extent to which advertising and other external forces have influenced the consumer's preferences. b. the cost of a good to the buyer. c. how much a buyer values a good. d. consumer surplus.
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Which of the following is an example of a durable good?
a. a chocolate bar b. a sewing machine c. a breakfast cereal d. a bottle of aspirin
Economics
The demand for firewood is likely to be more elastic in the summer than in the winter
Indicate whether the statement is true or false
Economics