Over the long run, monopolies can earn
A) economic profit.
B) normal profit only.
C) accounting profit only.
D) no economic profit.
A
You might also like to view...
A movement along the demand curve might be caused by a change in a. income
b. the prices of substitutes or complements. c. expectations about future prices. d. the price of the good or service that is being demanded.
The reservation wage is the minimum wage rate that an unemployed worker must receive before employment is accepted
a. True b. False Indicate whether the statement is true or false
The federal debt is the
A. yearly federal tax revenues minus the yearly federal expenses. B. amount towed to the federal government by other countries. C. total amount owed to the public by the federal government. D. same as the federal deficit.
Related to the Economics in Practice on page 67: Consumption of quinoa has been on the rise. A grain called teff has been referred to as quinoa's twin and is often consumed in place of quinoa. This would make teff and quinoa ________, and an increase in the price of quinoa should ________ the demand for teff, ceteris paribus.
A. complements; decrease B. substitutes; increase C. complements; increase D. substitutes; decrease