Suppose all firms in an industry are identical. In the long run, entry and exit guarantee that all firms will have zero
a. marginal cost.
b. average cost.
c. economic profit.
d. accounting profit.
c. economic profit.
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In general, the unemployment rate does not vary greatly by:
A. gender. B. educational status. C. height D. age.
Asarta Inc. is polluting into the nearby aquifer and the citizens of Buttersville demand that this be cleaned up. If the benefit to cleaning up the aquifer is estimated to be about $133,000 and the cost is estimated at $130,000 will the aquifer get cleaned?
A. Yes, because the benefit is high. B. No, because the costs outweigh the benefits. C. Yes, because the benefits outweigh the costs. D. Uncertain, with the information given.
Answer the following questions true (T) or false (F)
1. Money will fail to serve as a medium of exchange if it ceases to be a store of value. 2. An economy without money would have no exchanges of goods and services. 3. In an economy with money, as opposed to barter, people are more likely to specialize in the production of goods and services.
In Delaware County, Pennsylvania, all homes, businesses, and other organizations purchase their water from one seller, Philadelphia Suburban Water Co (PSWCo)
Economists refer to public utility companies like PSWCo as natural monopolies because their A) marginal cost curves lie everywhere beneath their average fixed cost curves. B) marginal cost curves lie everywhere beneath their demand curves. C) average total cost curves lie everywhere above their demand curves. D) None of the above answers is correct.