Normal profit
A) is when economic profits are zero.
B) is the profit that competition will allow.
C) is the opportunity cost of capital.
D) all of these choices.
D
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The landmark antitrust case which established that size alone can be an antitrust violation is the:
a. U.S. Steel case. b. Brown Shoe case. c. Von's Grocery case. d. ALCOA case. e. Pabst Brewing case.
A monopolist can sell 3 units of its good at a price of $50 . If the average total cost of producing 3 units is $24, the profit earned by the monopolist would be: a. $126. b. $72
c. $78. d. $81.
Cashing out capital gains in Virtual Currency System #3 (i.e., turning virtual capital gains into real world currencies) causes the nation's:
a. Monetary base to rise. b. M2 money supply to fall. c. M2 money multiplier to fall. d. Monetary base to remain the same.
The estimated demand for a good is
= 4800 - 16P - 0.65M - 1.5PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If income decreases by $2,000, all else constant, quantity demanded will ________ by ________ units.
A. increase; 1.30 units B. increase; 1,300 units C. decrease; 65 units D. decrease; 6.5 units