Economic profit is zero when a firm's revenues just cover its economic cost.
Answer the following statement true (T) or false (F)
True
The inducement to take on the added responsibilities of owning and operating a business is the potential for economic profit, which represents something over and above normal profits.
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound once international trade occurs, the total exports of cherries from the United States to other nations equals
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
Explain which of the following count as money
a. a check in Ann's checkbook b. currency in Ann's bank c. currency in Ann's purse d. Ann's checking deposit
After sugar refiner has produced fine sugar for baking purposes, what is left over is used to produce molasses. This technology exhibits
a. Economies of scale b. Economies of scope c. Diseconomies of scale d. Diseconomies of scope
A tariff has the effect of granting ____ a larger share of the domestic market
a. domestic consumers b. foreign consumers c. domestic producers d. foreign producers e. no producers or consumers