Which statement is true?
A. Entrepreneurial ability is in short supply in the U.S.
B. Land, labor and capital may be considered passive resources.
C. The concept of opportunity cost is irrelevant when there is scarcity.
D. None of these statements are true.
B. Land, labor and capital may be considered passive resources.
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In the short run, the firm makes zero economic profit when the price is ________ minimum average total cost, makes an economic profit when the price is ________ minimum average total cost, and incurs an economic loss when the price is ________
minimum average total cost. A) equal to; higher than; lower than B) equal to; lower than; higher than C) higher than; equal to; lower than D) lower than; equal to; higher than
Refer to Figure 4-10. What area represents the deadweight loss after the imposition of the ceiling?
A) J + H B) C + E C) C + E + J + H D) G + H
If person A sells a 2003 Treasury bond futures contract to person B, in market terminology,
A) A is long and B is short. B) A is short and B is long. C) A is short and B is the broker. D) A is long and B is the dealer.
Here is an excerpt form an editorial praising capitalism in The Economist:“It is competition that delivers choice, holds prices down, encourages invention and service, and (through all these things) delivers economic growth.” To what type of competition does the writer refer? Is it the sort of competition that economists study? Explain.
What will be an ideal response?