In the long run, the economic profit of Hoot's Pump Chicken 'n' Ribs, a monopolistic competitor,
a. is not eliminated because competition is not perfect
b. is not eliminated because the demand curve slopes downward
c. is eliminated because of new firms entering the industry
d. is eliminated because of firms leaving the industry
e. is not eliminated because new firms cannot enter the industry
C
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A nation's comparative advantage
a. can almost always be traced to its natural resources b. is often based on its natural resources c. is often based on barriers to international trade d. is reflected in the shape of its demand curve for imported goods e. is a result of increasing marginal returns
Which of the following statements about deposit/refund systems is INCORRECT?
a. Most deposit/refund systems in the United States are used for beverage containers and lead-acid batteries. b. Some nations use deposit/refund systems for automobile bodies. c. The deposit is imposed at the time of purchase like a retail disposal charge. d. To be a viable system, the refund must be exactly equal to the deposit.
This profit-maximizing firm charges a price of about ______.
A. $11.70
B. $14.00
C. $15.20
D. $19.00
The maximum number of individuals a U.S. president can appoint to the Board of governors is
A) 15. B) 12. C) 7. D) 4 . E) none of the above