In the long-run, a monopoly is most likely to achieve
a. An average rate of return
b. Above average profits
c. Economic Profits
d. Both B&C
a
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If an area or region meets or exceeds the NAAQS, it is called a(n)
a. air quality control region (AQCR) b. prevention of significant deterioration area c. nonattainment region d. none of the above
Shaniq can spend the next hour studying for a finance test, hiking along the Oregon coast, watching reruns of Lost on television, or napping
If she decides to study, what is the opportunity cost of her choice: hiking, watching television, or napping?
A fall in the price of milk, used in the production of ice cream, will:
a. Decrease the supply of ice cream, causing the supply curve of ice cream to shift to the left b. Have no effect on the supply of ice cream c. Cause a downward movement along the supply curve of ice cream d. Increase the supply of ice cream, causing the supply curve of ice cream to shift to the right
The size of a deadweight loss in a market is reduced by
A) government legislating a ceiling price. B) government legislating a price floor. C) market price being close to marginal cost. D) creative destruction.