Under what circumstances would you expect economic profits to be zero in a particular industry?
A. During a recession
B. When there is little competition in the industry
C. When the industry is neither expanding nor contracting
D. When the demand for the product being produced is increasing
Ans: C. When the industry is neither expanding nor contracting
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As a result of moving more decision making from the center toward the periphery of the organization, typically
a. the flow of relevant information to the decision maker should be enhanced b. the flow of relevant information from the decision maker should be enhanced c. the incentives to make good decisions should be strengthened d. the incentives to make good decisions should be weakened
Increasing opportunity costs of producing goods imply that the production possibilities curve will be
a. downward sloping. b. upward sloping. c. bowed inward. d. bowed outward.
An increase in the amount of human capital labor... the short-run aggregate supply curve and ... the long-run aggregate supply curve
What will be an ideal response?
Positive economics seeks to understand behavior, but not make judgments.
Answer the following statement true (T) or false (F)