One consequence of the long-run problem faced by farms has been a:
A. rapid increase in the price of farm output.
B. massive exit of workers from agriculture to other sectors of the economy.
C. smaller average farm size.
D. reduction in U.S. exports of farm products.
Answer: B
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If the economic profit generated by a firm is zero and its implicit costs are greater than zero, then
A. accounting profit is also zero. B. accounting profit is less than zero. C. new firms will enter the industry. D. accounting profit is greater than zero.
Which researcher argues that the slave system and its enforcement mechanisms prevented slave individualism from emerging within the system itself?
(a) Robert Fogel (b) Stanley Engerman (c) Stanley Elkins (d) Kenneth Stampp
You are told that the four-firm concentration ratio in an industry is 20. Based on this information you can conclude that:
A. Each of the top four firms has 20 percent of industry sales B. The four largest firms account for a combined 80 percent of the industry sales C. The four largest firms account for 20 percent of industry sales D. Each of the four largest firms accounts for 5 percent of industry sales
If marginal revenue exceeds marginal cost, profit maximizers should
a. reduce output until they are equal b. increase output until they are equal c. increase output until profits are zero d. decrease output unless profits are zero e. maintain current output