In the long run in perfect competition, no firm can earn a normal profit
a. True
b. False
B
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In economics, what is meant by investment?
What will be an ideal response?
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. If the price of oil increases, the demand for ride-on mowers will ________ and the supply will ________.
A. decrease; increase B. increase; decrease C. decrease; decrease D. increase; increase
An important factor in the decline of the U.S. textile industry over the past 100 or so years is
a. foreign competitors that can produce quality textile goods at low cost. b. lower prices of goods that are substitutes for clothing. c. a decrease in Americans' demand for clothing, due to increased incomes and the fact that clothing is an inferior good. d. the fact that the minimum wage in the U.S. has failed to keep pace with the cost of living.
Qualitative forecasting methods
A. use higher quality data than statistical methods. B. are often the result of expert opinion. C. cannot be replicated by another researcher. D. both b and c E. all of the above