In the short run, a perfectly competitive firm can earn positive, zero, or negative profit depending on the market price of the firm's output
Indicate whether the statement is true or false
TRUE
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What are the main determinants of demand elasticity? Explain their importance.
What will be an ideal response?
Historically, Brazil has suffered higher and more variable rates of inflation than Venezuela
You would expect the short-run aggregate supply curve of Brazil to be ________ than that of Venezuela, and the short-run Phillips curve of Brazil to be ________ than that of Venezuela. A) flatter; flatter B) flatter; steeper C) steeper; flatter D) steeper; steeper
How does a government-sponsored good differ from a public good?
What will be an ideal response?
Market activity that goes unreported either to avoid taxes or because the activity is illegal is called:
a. special-interest activity. b. rent seeking. c. the underground economy. d. pork-barreling.