When an economist says a firm is earning zero economic profit, this implies that the firm
a. will be forced out of business in the near future unless market conditions change.
b. is earning a zero rate of return on its assets.
c. is earning as high a rate of return now as could be earned in other industries.
d. has an accounting profit of zero.
C
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Under the National Banking Acts of 1863 and 1864, the U.S. monetary system
(a) experienced drastic changes. (b) played a role in helping the Union finance the Civil War. (c) permitted, for the first time, the federal government to charter banks. (d) protected the rights of states to be the only entities to charter banks.
Why is it NOT surprising that men make up the minority of college graduates?
a. Because of discrimination against women, men are able to get good jobs with only a high school degree. b. Men are smarter than women and they do not need a higher education to be attractive to employers. c. Given their greater physical strength, many men accept high-paying but physically demanding jobs instead of going to college. d. Many men decide to pursue jobs in professional sports and this significantly reduces the number of males who go to college.
Inflation is best defined as
A. a sustained increase in the price of ALL goods and services in an economy. B. a sustained increase in the average of all prices of goods and services in an economy. C. a sustained increase in the price of a single good or service. D. a relative price increase.
A monopoly will NOT be able to perfectly price discriminate if
A) each consumer does not reveal her reservation price. B) demand is very elastic. C) the firm's marginal cost curve is upward sloping. D) All of the above.