Refer to the above figure. Economic profits for this firm are
A. negative.
B. zero.
C. positive.
D. undetermined without more information.
Answer: C
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In the above table, the firm's total fixed cost of production is
A) $3.00. B) $4.00. C) $7.00. D) $29.00.
Which of the following statement(s) is (are) true?
A) If the income elasticity of demand for a product is negative, then the good is labeled an inferior good. B) If the income elasticity of demand for a product is greater than 1, then the good is labeled a necessity. C) If the cross-price elasticity of demand between two goods is negative, then the two good are complements. D) Both A and C
Monetary policy is set by the
A. Regional Federal Reserve banks. B. Federal Advisory Council. C. Federal Open Market Committee. D. Board of Governors.
If the economy is currently in equilibrium at a level of GDP that is below potential GDP, what would move the economy back to potential GDP
What will be an ideal response?