As a result of an increase in the earnings gap between skilled and unskilled jobs, the incentive to get a college education has been declining
a. True
b. False
Indicate whether the statement is true or false
False
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Economic profit is
A) equal to the firm's total revenue minus its opportunity costs. B) an opportunity cost of operating the firm. C) equal to the firm's total revenue minus its normal profit. D) the average return for supplying entrepreneurial ability.
While taxing inelastic goods minimizes social costs from taxation, it frequently conflicts with traditional notions of fairness
a. True b. False
Refer to the above figure. A perfectly competitive firm that is in long-run equilibrium will be operating
A) with positive economic profits. B) at a quantity greater than point E. C) at a quantity less than point E. D) at point E.
Advocates of an active approach think that only when unemployment is high, the natural adjustments of wages and prices can be effective
a. True b. False Indicate whether the statement is true or false