If economic profits in an industry are zero and implicit costs are greater than zero, then:
A. Resources will move out of the industry
B. There will be no production in the short run
C. Accounting profits are greater than zero
D. New firms will enter the industry
C. Accounting profits are greater than zero
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An example of a way employers can minimize moral hazard is to:
A. monitor employees' computer activity. B. videotape the workplace. C. offer bonuses for consistent productivity. D. All of these are ways to minimize moral hazard.
Which of the following examples shows the law of demand?
a. The demand for flashlights remained constant as the price decreased. b. The demand for avocados remained constant as the price increased. c. The demand for baseballs increased as the price decreased. d. The demand for geraniums increased as the price increased.
Social security contributions are part of:
A. Excise taxes B. Payroll taxes C. Reverse taxes D. Indirect taxes
An increase in the public debt and its subsequent repayment will tend to:
A. Mildly reduce the income inequality in the U.S. B. Mildly increase the income inequality in the U.S. C. Have no impact on the income distribution in the U.S. D. Make the income distribution more equitable in the U.S.