Corporate profits can be broken into three categories: dividends, undistributed profits, and corporate profits taxes
Indicate whether the statement is true or false
True
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If a single-price monopoly is making a large economic profit, what keeps other firms from competing away the profit?
A) There are barriers to entry. B) The monopoly must be keeping the amount earned secret. C) The market must be too small. D) The existing firm's ATC must be too large to allow competitors to enter and earn an economic profit. E) Nothing, other firms will enter and will compete away the profit.
Recognizing the incentive power of property rights and markets, some of the most die-hard central planners are now allowing
a. more influence from custom or religion b. family relations to play significant roles c. a role for markets d. communal ownership of property e. inefficient use of resources
Your willingness to pay additional money for time-saving goods depends primarily on
a. the opportunity cost of your time b. your wealth and property c. your social status d. the number of people in your household e. the distance between your home and your workplace
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday?
A. $0 B. $36 C. $9 D. $35