Recall the Application about the costs involved in opening a restaurant to answer the following question(s).Recall the Application. Because the restaurant industry is considered monopolistic competition, it is expected that in the long run, restaurant franchise owners earn
A. zero economic profits.
B. positive economic profits.
C. zero accounting profits.
D. negative accounting profits.
Answer: A
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A price below the equilibrium price results in
A) a surplus. B) a shortage. C) excess supply. D) a further price fall.
Statistics on families below the poverty line may be overstated because:
A. the poor are primarily children who soon will move out of poverty. B. poverty in the United States is rich compared to poverty in other nations. C. the income levels used to measure poverty do not include in-kind transfers. D. unemployment compensation is a program closed to the poor.
It is _____ that in the classical model, prices and wages are fixed; it is _____ that according to the classical economists, full employment is the norm.
A. true; true B. false; false C. false; true D. true; false
an expansionary monetary policy will cause the dollar to...... and will....... Canadian net exports
What will be an ideal response?