Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $15, how much economic profit does the firm make?
A) $0
B) $30
C) -$10
D) -$15
A
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Which of the following is a listing of the types or categories of resources?
A. Land, labor, and capital B. Land, labor, and education C. Land, labor, and efficiency D. Land, labor, and markets E. Land, labor, and inputs
The rate of adjustment between the long run and short run Phillips curve will be determined by
a. the rate of adjustment of price expectations. b. the rate of money growth. c. the level of wage flexibility in labor markets. d. both a and c. e. all of the above.
Some electrical utilities are monopolies because of
A) government restrictions that prevent new firms from entering the market. B) ownership of resources without close substitutes. C) diseconomies of scale. D) their inability to earn profits.
Refer to the information provided in Figure 18.1 below to answer the question(s) that follow.
Figure 18.1Refer to Figure 18.1. Suppose that the Lorenz curve were the same as the 45-degree line OB. This would mean that
A. the distribution of income is equal. B. only one family earned all the income. C. the distribution of income is completely inequitable. D. the distribution of income is perfectly equitable.