If a firm makes zero economic profit, then the firm
A) has total revenues greater than its economic costs.
B) must shut down.
C) can be earning positive business profit.
D) must have no fixed costs.
C
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The minimum acceptable price for a product that producer Sam is willing to receive is $15. The price he could get for the product in the market is $18. How much is Sam's producer surplus?
A. $3 B. $33 C. $45 D. $270
The rate of inflation measures the change in the relative prices of the goods and services produced in the macroeconomy over a specified period of time
Indicate whether the statement is true or false
Which of the following statements about international trade restrictions is true?
a. They ensure that only efficient producers survive. b. They ensure that countries specialize only in those products that they can produce most efficiently. c. In the majority of cases, they harm domestic consumers. d. They typically benefit foreign producers at the expense of domestic consumers. e. They ensure that higher-quality goods are provided at lower prices.
Chelsea was a manager at a vinyl records store who recently quit because she felt the recent popularity of vinyl is a current fad that will eventually fade away. She is now actively looking for a job in the hospitality industry. Chelsea is considered:
A) Frictionally Unemployed B) Cyclically Unemployed C) Structurally Unemployed D) Not in the labor force