For a profit-maximizing perfectly competitive, in the long run economic profits are ___________.
Fill in the blank(s) with the appropriate word(s).
zero
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Mutual funds are diversified financial instruments that represent a large number of stocks, bonds, and/or other financial assets
Indicate whether the statement is true or false
If the United States starts to import a good that had previously been produced in the United States, the market price of the good in the United States
A) rises. B) falls. C) remains constant. D) either remains constant or rises, depending on how whether the supply of the good stays the same or increases. E) There is not enough information to answer the question because we need to know if the market price in the United States had been above or below the world market price before trade began.
A firm, judged to be a natural monopoly in a small rural market like Centerville, may be considered monopolistically competitive in a market such as New York City
Indicate whether the statement is true or false
A shift in aggregate supply is likely to:
a) Reduce the general price level and reduce national income b) Reduce the general price level and increase national income c) Increase the general price level and reduce national income d) Increase the general price level and increase national income