Long-run economic profit does not exist for fixed factors like land because
A) bidding drives up the price of the factor until no economic profit exists.
B) there is no market for such factors.
C) these factors have L-shaped isoquants.
D) these factors will earn economic profits.
A
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In 1770,all the Townshend duties were repealed except_____
a. the duty on tea b. the duty on glass c.the duty on paper d.the duty on red and white lead
Two companies, Acme and Pinnacle, each decide whether to produce a good quality product or a poor quality product. In the figure, the dollar amounts are payoffs and they represent annual profits for the two companies. The dominant strategy for Acme is to ________________
Fill in the blank(s) with the appropriate word(s).
Demand-pull inflation could start with...
What will be an ideal response?
Which of the following is consistent with farming as a competitive market?
A. Zero economic profit in the long run. B. Negative economic profit in the long run. C. A large percentage of costs are for advertising. D. Positive economic profit in the long run.