Competitive firms can earn positive profits in the
a. Long run only
b. Long run and the short run
c. Short run only
d. All of the above
c
Economics
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Expected value represents the average of all outcomes if one were to undertake the risky event many times over and over again
What will be an ideal response?
Economics
Refer to Figure 5.7. Which diagram best represents an Engle curve where soup is a normal good?
A. A
B. B
C. C
D. D
Economics
A $5 billion cut in government purchases caused real GDP in the economy to decrease by $12.5 billion. The MPC for this economy is
A. 0.6. B. 0.9. C. 0.8. D. 0.75.
Economics
An example of a good that is nonexcludable is:
A. an art exhibition with an admission fee. B. a piece of Velcro. C. space exploration. D. a bottle of Tang.
Economics