In the long run, a perfectly competitive firm earns no accounting profits.
Answer the following statement true (T) or false (F)
False
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When the price per ticket is P*, there are empty seats at a university’s basketball arena. From this, we can conclude that
A. P* is greater than the equilibrium price. B. P* is less than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
Consider the following data for a closed economy:
a. Y = $12 trillion b. C = $8 trillion c. I = $3 trillion d. TR = $2 trillion e. T = $3 trillion Use the data provided to calculate the level of private saving and the level of public saving and demonstrate their relationship to investment.
If the price effect outweighs the income effect of a wage increase, the labor-supply curve will:
A. be perfectly flat. B. be perfectly horizontal. C. slope upward. D. slope downward.
Members of the Board of Governors of the Federal Reserve System are
A. elected by member banks to serve four-year terms. B. appointed by Congress for 14-year terms. C. appointed by the president for 14-year terms. D. appointed by the Supreme Court for lifetime terms.