In short-run equilibrium, a competitive firm cannot earn economic profits.
Answer the following statement true (T) or false (F)
False
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Rent seeking is devoted to the creation of
A) monopolies. B) competitive industries. C) human capital. D) more elastic demand.
A firm producing dresses currently uses 1,347 hours of labor to produce 2,509 dresses per week. The average product of labor
a. cannot be determined from the information given b. is 2,509 dresses per labor hour. c. is 1.86 dresses per labor hour. d. is 186 dresses per labor hour.
Which of the following will shift the aggregate demand curve to the left?
A. A new technology is developed that will increase profits. B. Income taxes are raised. C. The government increases spending on education. D. Consumers become optimistic about the future.
Select the graph below that best shows the change in the market specified in the following situation: In the market for digital cameras, when the productivity of workers in the digital camera industry increases
Assume that the graphs show a competitive market for the product stated in the question.
A. Graph A
B. Graph B
C. Graph C
D. Graph D