When there are significant barriers to entry and there are few firms in the industry,
A. at least one will exit until the economic profit disappears.
B. economic profit will go to zero.
C. economic profit will continue for the firms in the industry.
D. normal profit will be garnered by the firms.
Answer: C
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When one person consumes a nonexcludable good,
a. others cannot be prevented from also consuming it. b. it can be provided to others for no additional cost. c. the amount available for others to consume is reduced. d. any other users will receive zero economic rent from it.
Competing broadcasting networks are motivated to choose socially program timing
Indicate whether the statement is true or false
Assume x and y are the only two goods a person consumes. If after a rise in pX the quantity demanded of y increases, one could say:
a. the income effect dominates the substitution effect. b. the substitution effect dominates the income effect. c. it is still impossible to determine whether the substitution or income effect dominates. d. none of the answers is correct.
In 2011, what percentage of federal government receipts came from corporate income taxes?
a. 7% b. 12% c. 25% d. 43%