In short-run equilibrium for a competitive firm, economic profits:
A. will be positive.
B. will be negative.
C. will be zero.
D. may be positive, negative, or zero.
Answer: D
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In the IO perspective it is important to enter an industry with
a. Low supplier power b. Low threat from substitutes c. Low levels of rivalry between firms d. All of the above
Reducing inflation is a more important objective than economic growth" is an example of
a) Normative economics b) Positive economics c) Objective economics d) Reality economics
In a binding situation,the Fed has no way to raise or lower the interest rate.
Answer the following statement true (T) or false (F)
If you are traveling in China and you purchase a meal that costs 140 yuan and the current exchange rate is 7 yuan to the dollar, then the price of the meal in U.S. currency is
A. $200. B. $20. C. $10. D. $2.