In the long run, all firms in a perfectly competitive industry
A. suffer economic losses.
B. sell differentiated products to earn economic profits.
C. earn economic profits.
D. break even.
Answer: D
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At the beginning of the year, your wealth is $10,000. During the year, you have an income of $80,000 and you spend $90,000 on consumption. You pay no taxes. Your wealth at the end of the year is
A) $20,000.00. B) $0. C) $90,000.00. D) $100,000.00.
From 1991 to 2007, the rate of inflation in the U.S. has been
a. zero. b. between zero and 2.1%. c. between 1.6% and 4.1%. d. between 3.2% and 7.2%.
A change in the price of a product will change the supply of that product.
Answer the following statement true (T) or false (F)
The goal of advertising is to
A. differentiate a firm's product. B. overwhelm the buyer so they buy a firm's product. C. pay for public broadcasting. D. minimize cost curves for the firm.