Profits resulting from luck can be distinguished from profits attributable to shrewd predictions by
A) calculating the opportunity cost of earning the profits.
B) comparing the profits with interest rates.
C) finding out whether they lead to reduced revenue or increased costs.
D) no known empirical test.
E) whether or not they were generally anticipated.
D
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In the figure above, point E could be obtained if
A) resources were shifted from education to health care. B) resources were used more efficiently. C) society's resources increased. D) resources were shifted from health care to education.
In the short run, the supply curve for a perfectly competitive firm is its marginal cost curve for all levels of output
a. True b. False Indicate whether the statement is true or false
The forces that generate economic growth are those that...
What will be an ideal response?
A good that entails relatively high fixed costs associated with the use of knowledge and other information-intensive inputs as key factors of production is
A) a logo good. B) a search good. C) a persuasive good. D) an information product.