Firms are ________ with an economic profit of zero, they will ________ in the industry because they ________ be better off in another industry
A) satisfied, stay, won't
B) unsatisfied, leave, will
C) satisfied, leave, will
D) unsatisfied, stay, won't
A
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A supply curve that is parallel to the price axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.
Which of the following Federal Reserve chairs had the longest tenure?
a. Alan Greenspan. b. Paul Volcker. c. Milton Friedman. d. Arthur Laffer.
At the end of the year, Ford realizes it has overproduced Fiestas, because 2,500 of them are left unsold. How is this accounted for in that year's GDP? The cars are:
A. considered inventory and their value will increase investment. B. considered durable goods, and their value will increase consumption. C. not counted until they are sold in next year's GDP. D. considered a bad thing and reduce the value of investment.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy's opportunity cost of producing one car is ________ pounds of cheese.
A. 1/250 B. 20 C. 1/20 D. 250