Normal profit is a term for:
a. explicit profit.
b. the minimum profit to keep a firm in operation.
c. the accounting profit forgone.
d. pure economic profit.
b
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Refer to Figure 9-3. What is the area of domestic producer surplus after the imposition of a quota?
A) B + C B) B + E + I + J + M C) B D) E + I + J + M
A natural monopoly
a. is a monopoly in the production of raw materials. b. occurs when one firm can supply the entire market more cheaply than can a number of firms. c. is one result of a patent. d. results from decreasing returns to scale.
Members of the Board of Governors of the Federal Reserve System are
a. elected by member banks to serve four-year terms. b. appointed by Congress for 14-year terms. c. appointed by the president for 14-year terms. d. appointed by the Supreme Court for lifetime terms.
Compared to an open economy without a tariff, the amount of imported sugar will drop from ________ tons to ________ tons after the tariff is imposed.
A. 60; 30 B. 40; 20 C. 80; 40 D. 20; 10