Economic profits disappear quickly when a market is
A) perfectly competitive.
B) monopolistically competitive.
C) a monopoly.
D) an oligopoly.
A
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In a perfectly competitive industry
A. economic profits may exist in the short run but not in the long run. B. economic profits may persist in the long run if consumer demand is strong and stable. C. no economic profits can exist in either the short run or the long run. D. economic profits may exist in the long run but not in the short run.
When a profit-maximizing firm in a monopolistically competitive market is producing the long-run equilibrium quantity,
a. its average revenue will equal its marginal cost. b. its marginal revenue will exceed its marginal cost. c. it will be earning positive economic profits. d. its demand curve will be tangent to its average total cost curve.
In game theory, behavior that results in cooperation as long as the other players continue to cooperate, is referred to as
A. opportunistic behavior. B. nice behavior. C. tit-for-tat strategic behavior. D. simple behavior.
GDP is the:
A. sum of coins, bills, and demand deposits circulating in an economy one year period. B. total expenditures of the federal government over the period of one year. C. market value of an economy's production of final goods and services in a one year period. D. market value of an economy's production of all goods and services in a one year period.