A perfectly competitive firm cannot make economic profits in the long run because:
a. it is a price taker
b. there are no barriers to entry into the industry.
c. it faces a perfectly elastic demand curve.
d. its advertising costs will rise to eliminate any economic profits.
b
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In a perfectly competitive market, a(n) ________ occurs because ________
A) efficient outcome; total surplus is maximized B) deadweight loss; firms minimize average minimum cost C) efficient outcome; the fair rules condition is met D) deadweight loss; firms must be price takers E) deadweight loss; total surplus is minimized
Purchasers of corporate bonds lend money to a corporation
a. True b. False Indicate whether the statement is true or false
____ is a school of economic thought which uses equation of exchange to analyze the macro economic data
a. Mercantilism b. Monetarism c. Supply side economics d. Keynesianism
The dominant Keynesian view of the 1960s and 1970s stressed that
What will be an ideal response?