In Figure 5.8, if the supply curve moves from S1 to S2,
A. the firm will go from making an economic profit to a normal profit.
B. the firm will go from making an economic profit to a loss.
C. the firm will go from making normal profits to a loss.
D. the firm will make a smaller economic profit than they used to.
Answer: D
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In the economic way of thinking, speculation can only occur
A) in a capitalist economy. B) in a society where time-travel is possible. C) under uncertainty. D) under perfect information. E) in an underground or illegal market system.
The component of aggregate expenditure that is not like other components because, in general, it is directly neutral to macroeconomic changes is:
A. consumption spending. B. investment spending. C. government spending. D. net export spending.
In a prisoner's dilemma situation where firms are setting prices, the dominant strategy is always to charge the price that leads to maximum profits for all firms
a. True b. False Indicate whether the statement is true or false
The percentage of U.S. workers in the private sector who belong to unions is currently
A) greater than 70 percent. B) approximately 55 percent. C) approximately 25 percent. D) approximately 11 percent.