In the long-run, a perfectly competitivel firm will achieve
a. Average rate of return
b. Above average profits
c. Losses
d. Economic Profits
a
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What is the principal-agent problem?
What will be an ideal response?
A(n) ________ in inflationary expectations that causes firms to increase their prices shifts the aggregate supply curve to the ________.
A. increase; right B. increase; left C. decrease; right D. decrease; left
In the figure above, if no one owns the lake, the market does what?
A) overproduces 120 tons of pesticide B) underproduces 120 tons of pesticide C) overproduces 60 tons of pesticide D) produces the efficient quantity of pesticide
Which one of the following would count as investment in the national income accounts?
a. purchase of a new airplane by an airline b. purchase of a U.S. government bond c. purchase of 100 shares of Wal-Mart stock d. purchase of an existing house