In a long-run equilibrium in a perfectly competitive market, the average firm earns positive economic profits
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The private sector surplus or deficit equals
A) saving minus investment. B) net taxes minus government purchases. C) investment minus saving. D) government purchases minus net taxes.
Economics
An economics textbook is an example of:
A. capital. B. labor. C. a natural resource. D. entrepreneurship.
Economics
Equilibrium is defined as a situation in which
A) neither buyers nor sellers want to change their behavior. B) no government regulations exist. C) demand curves are perfectly horizontal. D) suppliers will supply any amount that buyers wish to buy.
Economics
A ________ line is a perfectly price elastic demand curve.
A. negatively sloped B. vertical C. positively sloped D. horizontal
Economics