In the short run, perfectly competitive firms ________ but in the long run, perfectly competitive firms ________
A) can incur an economic loss; incur an economic loss
B) can incur economic losses; make an economic profit
C) must make an economic profit; make an economic profit
D) can incur an economic loss; make zero economic profit
D
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Why is NAFTA controversial? Briefly describe both sides of this controversy
What will be an ideal response?
If two firms behave as Cournot duopolists, the level of social welfare is lower than if the same firms act as a cartel
Indicate whether the statement is true or false
Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people B) economywide choices; choices of individuals C) choices that involve money; choices that does not involve money D) choices of rich people; choices of poor people
Products such as office supplies are examples of
A) experience goods. B) simple goods. C) search goods. D) selective goods.