The four criteria that are frequently used in judging the outcome of economic policy are
A. efficiency, equality, stability, and economic growth.
B. efficiency, equity, stability, and economic growth.
C. efficiency, equality, profitability, and stability.
D. efficiency, equity, profitability, and stability.
Answer: B
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Zero economic profit means that the firm's owners receive no compensation for their investment
a. True b. False Indicate whether the statement is true or false
A price excludable public good is such that
A. both rivalry and exclusivity hold. B. exclusivity holds, but rivalry does not. C. neither rivalry nor exclusivity hold. D. rivalry holds, but exclusivity does not.
Figure 9.3Figure 9.3 shows the cost structure of a firm in a perfectly competitive market. The firm will stay in the market in the long run only if the market price is greater than or equal to:
A. $4.50. B. $6. C. $10. D. $15.
Which is not a characteristic of a good economic model?
A. Describes the world accurately B. Focuses on important details C. Predicts cause and effect D. Utilizes vague assumptions