Perfect competition and pure monopoly are concepts useful primarily for realistic application
a. True
b. False
Indicate whether the statement is true or false
False
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For a perfectly competitive firm, any price below its minimum AVC is a
A) market price. B) shutdown price. C) profit maximizing price. D) negative price.
The federal budget deficit in 2009 was more than eight times larger than the deficit in 2007
a. True b. False Indicate whether the statement is true or false
The industrial North wanted the _______ to buy their goods rather than import goods from ________ so they erected ____________ tariffs.
Fill in the blank(s) with the appropriate word(s).
Jake sells Star Wars memorabilia on eBay. His annual revenue is $42,000 per year, and the explicit costs of his business are $10,000. What is his accounting profit?
A) $10,000 B) $22,000 C) $32,000 D) $42,000