In which of the following market structures can a firm earn an economic profit in the short run?
a. Perfect competition
b. Monopolistic competition
c. Monopoly
d. All of these market structures can earn an economic profit in the short run
d
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When a U.S. importer needs $20,000 to settle an invoice for 228,000 Uruguayan pesos, the price of 1 dollar is 11.4 Uruguayan pesos
a. True b. False Indicate whether the statement is true or false
A firm can maximize profits in the short run by producing output where
a. MC = MR and the MC curve crosses the MR curve from above (as long as P>AVC) b. TC = TR c. MR - MC = TR - TC d. MC = MR and the MC curve crosses the MR curve from below (as long as P>AVC) e. TR = TC and the TC curve crosses the TR curve from below
Which of the following is an example of automatic fiscal policy?
A) The government deliberately raises taxes. B) The government deliberately lowers taxes. C) The government deliberately increases spending. D) The government deliberately decreases spending. E) none of the above
A private good is a good that:
A.) Is financed by private dollars instead of taxes. B.) Can be jointly consumed. C.) Can be denied to those who do not pay for it. D.) Consumers use privately in their homes.