According to Milton Friedman, regular income can be divided into permanent income and transitory income
Indicate whether the statement is true or false
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Which of the following statements is true of the long run?
A) Identical firms can enjoy positive economic profits. B) Identical firms face an upward-sloping supply curve. C) Non-identical firms can enjoy positive economic profits. D) Non-identical firms face a horizontal supply curve.
All of the following actions are potential rule -of-reason violations except which one?
A) a firm's agreement with a customer about the markets in which the customer is allowed to resell the product B) a firm's agreement with a customer about the resale price of its product C) a tying sale with a customer D) an agreement with a competitor firm to divide the market
Shortages are associated with price _______; surpluses are associated with price _______.
A. floors; ceilings B. ceilings; floors C. equilibrium; equilibrium D. None of these choices are correct.
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.BundleNumber of popsiclesUtility from popsiclesNumber of ice cream conesUtility from ice cream conesA1070000B87201500C66502700D45503750E24004760F005760Considering the information in the table shown, the price of ice cream is:
A. diminishing as Jack increases the amount consumed. B. $2 per cone. C. $1 per cone. D. $5 per cone.