The return to owners for innovation and risk taking is a firm's
a. economic profit after taxes
b. total revenue
c. total opportunity cost
d. total implicit cost
e. money profit after taxes
A
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Refer to Exhibit 9-7. Which point is representative of the economy experiencing labor market shortages?
a. A
b. B
c. C
d. E
Policymakers who wish to discourage businesses that pollute by taxing them:
A. forget that businesses will pass the entire tax onto consumers of their products. B. should place a tax on consumers instead of the producers in order to increase the burden on sellers. C. should place a tax on producers instead of the consumers in order to increase the burden on sellers. D. forget that some of the tax burden will be shared by consumers.
The evidence suggests that recent technological change
A) permanently increased the natural rate of unemployment. B) is different from past technological change, in that it has no impact on productivity. C) has increased productivity in the service sector only. D) has increased productivity in the manufacturing sector only. E) has increased the wage gap between skilled and unskilled workers.
In long-run equilibrium for a monopolistically competitive industry,
A. all firms suffer losses. B. all firms break even. C. firms can earn a profit, suffer a loss, or break even. D. all firms earn a profit.