Resources are allocated efficiently when
A. output is produced in a sustainable fashion.
B. the market produces what people want.
C. output is distributed in an equitable fashion.
D. economic profits are zero.
Answer: B
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Rate of return regulation sets the price at a level that enables the regulated firm to earn a specified target percent return on its
A) total cost. B) sales revenue. C) capital. D) variable cost.
The "long run" is defined as a period of time long enough for the quantities of all of the inputs to production to vary
Indicate whether the statement is true or false
Interest rates are positive because inflation makes purchases more expensive in the future than today
Indicate whether the statement is true or false
A movement along the demand curve for automobiles is caused by a change in:
a. the price of automobiles. b. the price of gasoline. c. the price of steel. d. consumers' incomes.