Who is recognized as the founder of public choice theory?
a. James Buchanan.
b. Steve Forbes.
c. Joseph Pechman.
d. Adam Smith.
a
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What is accounting profit?
A) gross revenue minus explicit and implicit costs B) the same as economic profit C) gross revenue minus implicit costs D) gross revenue minus explicit costs
Firms in perfectly competitive industries are unable to control the prices of te products they sell and are unable to earn a profit in the long run. Which of the following is one reason for this?
Thomas Malthus was an early nineteenth-century economist that created a model describing the relationship between:
A. population growth and war. B. population growth and birth control. C. population growth and crime. D. population growth and food production.
If an oligopolist reduces the price of its product: a. It may get some customers to switch from rival firms if they don't respond by reducing their prices
b. It may not get some customers to switch from rival firms if they respond by reducing their prices. c. It does not know whether its profits will rise or fall without knowing how rivals will change their prices in response. d. All of the above are true.