While a firm in long-run equilibrium will make zero economic profits, it is still possible for the firm to make ______________ profits.
Fill in the blank(s) with the appropriate word(s).
accounting
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Bobby spends $100 per month on pizza and CDs. His utility from these goods is shown in the table above. The price of a pizza is $10 and the price of a CD is $20. Bobby currently buys 6 pizzas and 2 CDs. To maximize his utility, he should
A) buy more pizza and fewer CDs. B) buy more CDs and fewer pizza. C) buy more of both goods. D) stay with the current combination of goods.
In the figure above, what is Gap's markup?
A) $50 B) $15 C) $35 D) zero
Joshua claims that the U.S. jewelry industry is in trouble because U.S. jewelry workers are unionized, whereas jewelry workers in less-developed countries are not. Joshua is using which argument against free trade?
a. diversity of industry argument b. national security argument c. infant industries argument d. cheap foreign labor argument e. antidumping argument
If Japan adopts a contractionary monetary policy, then the dollar will:
A. lose value and U.S. inflation will rise. B. gain value and U.S. inflation will rise. C. lose value and U.S. inflation will fall. D. gain value and U.S. inflation will fall.