In the long run, a firm in a perfectly competitive market will
A) make zero economic profit, so that its owners earn a normal profit.
B) make zero normal profit but its owners will make an economic profit.
C) remove all competitors and become a monopolistically competitive firm.
D) incur an economic normal loss but not earn a positive economic profit.
E) remove all competitors and become a monopoly.
A
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Read the following statements and determine if they are true or false
I. According to the quantity theory of money, an increase in the growth rate of the quantity of money increases inflation in the long run. II. Historical and international data show that there is no correlation between inflation and money growth. A) I and II are both true. B) I and II are both false. C) I is true and II is false. D) I is false and II is true.
Wendy's restaurants must decide whether to grow their own potatoes for French fries or buy them. If they buy rather than grow, then they have opted to
a. integrate horizontally b. allow market prices to guide resource allocation c. integrate vertically d. allow hierarchical control to guide resource allocation e. form an authority relation
Manatee Mfg. is able to source parts for its refrigeration products from anywhere in the world because the United States does not place any quotas or limitations on the imports they need. this is a reflection of a _____ policy
Fill in the blank(s) with the appropriate word(s).
Comment on the statement: “Americans must be the healthiest people on earth because they spend the most on health care and have the best health care system.”
What will be an ideal response?