Which of the following is a factor of production for the Little Biscuit Bread Company?
A. Flour.
B. Productivity.
C. Bread.
D. Money.
Answer: A
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Since firms outside an industry cannot have an incentive to enter the industry in equilibrium, firms inside a monopolistically competitive equilibrium must be making zero profit.
Answer the following statement true (T) or false (F)
Total profit is represented by the vertical distance between a total revenue curve and a total cost curve.
Answer the following statement true (T) or false (F)
If a significant portion of firms in the economy does NOT adjust product prices, a predicted result according to new Keynesian theory is
A. real inflation cycles. B. output dynamics. C. inflation dynamics. D. real business cycles.
Full-time homemakers and retirees are classified in the BLS data as:
A. Employed B. Unemployed C. Part of the labor force D. Not in the labor force