Pick the false statement
A) It is possible for economic profit to be equal to accounting profit.
B) It is possible for economic profit to be greater than accounting profit.
C) It is possible for economic profit to be less than accounting profit.
D) Economic profit can only occur under conditions of uncertainty.
B
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Which of the following correctly describes the automatic mechanism through which the economy adjusts to long-run equilibrium?
A) the rightward shift of the aggregate demand curve that occurs during a recession B) the leftward shift of the short-run aggregate supply curve that occurs after a recession C) the rightward shift of the short-run aggregate supply curve that occurs after a recession D) the leftward shift of the aggregate demand curve that occurs after a recession
A theory is a deliberate simplification or abstraction of factual relationships.
Answer the following statement true (T) or false (F)
Carlos receives a consumer surplus of $10 for the first glass of lemonade. For the second glass, he receives a consumer surplus of $8, and for the third glass, he receives a consumer surplus of $6 . His total consumer surplus from the three glasses of lemonade is _____
a. $10 b. $24 c. $14 d. $15
Given the production possibility tables for First and Second Bakeries shown, we can determine that:First BakerySecond BakeryCookiesPiesCookiesPies018091012306206603300900
A. Second Bakery has a comparative advantage in the production of pies. B. First Bakery has a comparative advantage in the production of pies. C. First Bakery has a comparative advantage in the production of both goods. D. neither bakery has a comparative advantage.