In the long run, all firms in a perfectly competitive industry
A) earn economic profits.
B) break even.
C) suffer economic losses.
D) sell differentiated products to earn economic profits.
Answer: B
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Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
A scatter diagram of the position of the U.S. economy from 1972 through 2007 with the price level on the vertical axis and real GDP on the horizontal axis would show a movement generally toward the
a. northwest. b. northeast. c. southwest. d. southeast.
During the recent? recession, many people were looking for jobs and companies were able to hire employees for a lower wage. This is an example of how the? ________ environment can affect business.
A. sociocultural B. technological C. global business D. domestic business E. Economic
Discuss how the 3-D printer is set to make manufactured goods more affordable for the average person in the United States
Please provide the best answer for the statement.