Economic profit is always
A) greater than accounting profit.
B) equal to accounting profit.
C) less than accounting profit.
D) equally likely to be either greater or less than accounting profit.
Answer: C
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If a used-car dealer enjoys economic profits, then
A) as a group, its customers necessarily suffered a like amount in economic losses. B) as a group, its customers were necessarily made worse off. C) as a group, its competitors necessarily suffered economic losses. D) all of the above are true. E) none of the above is true.
A government agency charged with enforcing antitrust laws is
A) the Federal Reserve Board. B) the National Labor Relations Board. C) the Council of Economic Advisors. D) the Federal Trade Commission.
Under perfect competition,
a. a single seller sets the price b. sellers can easily enter or exit the market c. a small number of sellers offer differentiated products d. a government franchise protects sellers e. an intense rivalry between two powerful firms determines the market price
In an open economy, national saving can be less than investment
a. True b. False Indicate whether the statement is true or false