Firms operating in perfectly competitive markets try to maximize profits
a. True
b. False
Indicate whether the statement is true or false
True
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Money or goods that parents leave to their children in their wills are referred to as:
A) bequests. B) interest. C) charity. D) social responsibility.
The online encyclopedia known as Wikipedia is an example of a public good that provides information. Explain why this good did not need to be provided by the government
What will be an ideal response?
The differences in the ratios of exports to GDP across countries are believed to be caused primarily by
A) trade barriers. B) each country's size. C) monetary policy. D) fiscal policy. E) inflation in the domestic country.
Which of the following is a TRUE statement about a monopoly?
A) A monopoly does not necessarily earn positive economic profits. B) A monopoly must earn an above-normal profit to stay in business. C) As long as there are barriers to entry, a monopoly can always find some price-output combination that generates positive economic profits. D) As long as the demand curve slopes down, a monopoly can always find some price-output combination that generates positive economic profits.