In general, economic profits are:
A. greater than accounting profits.
B. less than accounting profits.
C. the same as accounting profits.
D. not comparable to accounting profits.
B. less than accounting profits.
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If the marginal utility to Juan of sleeping an extra hour (from 8 a.m. to 9 a.m.) is negative,
A. Juan is better off getting up at 8 a.m. B. Juan is better off getting up at 9 a.m. C. Juan’s total utility from sleeping must be negative. D. Juan’s average utility from every hour he sleeps must be negative.
Every time new firms enter a monopolistic competitive market, the firms already in the market find their
a. price rising to make up for lost customers b. cost curves shifting upward, reflecting increased inefficiency c. profits increasing because total revenues increase with more firms in the market d. demand curves becoming more inelastic as only loyal customers remain e. demand curves shifting inward to the left
If M = 9,000 . P = 6, and Y = 1,500, what is velocity?
a. 0.167. b. 1. c. 4. d. 36.
James enjoys gardening in the nude because he says it puts him in touch with nature. His neighbors find his gardening routine very offensive, but James replies that they should mind their own business and not watch him. To an economist this situation illustrates the concept of:
A. a positive externality. B. adverse selection. C. a negative externality. D. the tragedy of the commons.