In ________ monopolistically competitive equilibrium, there will be neither economic profits nor losses.
A. both short-run and long-run
B. neither short-run nor long-run
C. long-run
D. short-run
Answer: C
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Currently, which sector of the economy is consistently a net saver?
A) the household sector B) the business sector C) the federal government D) the foreign sector
Horizontal and vertical demand curves
A) have constant elasticities. B) are not possible in the real world. C) have elasticities that change with price. D) cannot have their elasticities computed using the point method.
A farmer produces oranges and sells them to Fresh Juice, which makes orange juice. The oranges produced by the farmer are called
a. inventory goods. b. transitory goods. c. final goods. d. intermediate goods.
Economists usually assume that ________ is a fixed input in the ________ run.
A. labor; short B. capital; short C. capital; long D. labor; long