Assume the market price is greater than average total cost at the perfectly competitive firm's profit-maximizing level of output

In this case, the firm is earning positive economic profits, which act as an incentive for new firms to enter the market. Indicate whether the statement is true or false


TRUE

Economics

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Proponents of ISI assumed that governments

A) were capable of identifying and correcting market failures. B) were capable of identifying and correcting the excesses of economic populists. C) should enact orthodox stabilization plans. D) could control the terms of trade. E) Both A and D.

Economics

A larger controversy of the financial crisis among both members of Congress and the general public had to do with the Fed's expanded role in the economy

a. True b. False

Economics

A politician may be considered an entrepreneur in the sense that

a. he is always open to bribery. b. identical personal characteristics are necessary for success in politics and in business. c. the successful politician discovers and offers voters political goods when voter demand is strong for him. d. like the businessman, the politician selfishly attempts to gain at the expense of his customers.

Economics

Total cost is equal to what?

a. Implicit Costs b. Opportunity Costs c. Fixed Costs + Variable Costs d. Implicit Costs + Fixed Costs

Economics