If General Motors is earning only a normal profit,
a. it is making economic profit
b. it is breaking even
c. it is suffering an economic loss
d. it is covering only explicit costs
e. it is covering only implicit costs
B
You might also like to view...
Rate of return regulation is typically imposed on
A) monopolistically competitive firms. B) an oligopoly. C) a natural monopoly. D) perfectly competitive firms.
If swimming pools are public goods, then state governments to provide them
a. True b. False
In constructing the monopolist's input demand curve, which of the statements is FALSE?
A) The demand curve has a negative slope due to the law of diminishing marginal product. B) Marginal revenue is always positive. C) A monopoly restricts output and hires fewer units of labor than a perfectly competitive firm. D) The supply curve a monopoly faces is horizontal because the monopoly is a price taker.
The unemployment rate is the percentage of the:
a. civilian labor force that is unemployed or working part-time. b. civilian labor force that is unemployed. c. civilian labor force that is unemployed less the number of government workers. d. adult population that is unemployed. e. adult population that is unemployed or looking for a better job.