Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only.
B) perfect competition only.
C) both perfect competition and monopolistic competition.
D) market structures in which there are barriers to entry.
C
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Which of the following is true?
A) MSB = MB + Marginal external benefit. B) MB = Marginal external benefit - MSB. C) MB = Marginal external benefit + MSC. D) MSB = Marginal external cost - marginal external benefit. E) MSB = MB + Marginal external benefit - Marginal external cost.
Which of the following is not an explicit cost for the owner of a local pizza parlor?
a. flour b. cleaning products c. other uses for the land that the parlor sits on d. pizza ovens
Under the system of fractional reserve banking, the reserve requirement is the ratio of excess reserves to total reserves
a. True b. False Indicate whether the statement is true or false
If you lend money at a nominal interest rate of 9 percent and the inflation rate is 1 percent, what real interest rate will you earn?
a. 3 percent b. 4 percent c. 8 percent d. 12 percent e. 15 percent