The price elasticity of supply for the market-day supply curve of fish is
a. equal to zero
b. equal to one
c. less than one
d. more than one
e. less than zero
A
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In the short run, a perfectly competitive firm's economic profits
A) must equal zero, that is, the firm earns a normal profit. B) must be positive. C) might be positive, negative (an economic loss), or zero (a normal profit). D) must be negative, that is the firm must incur an economic loss.
Which of the following criteria need NOT be satisfied for choosing a policy instrument?
A) The variable must be measurable. B) The variable must be controllable. C) The variable must be predictable. D) The variable must be transportable.
If Canada has a comparative advantage over Mexico in the production of shoes, it must also have an absolute advantage over Mexico in the production of shoes
Indicate whether the statement is true or false
In the short run, the fixed costs of a firm:
A. are irrelevant in deciding whether to shut down production. B. are equal to zero when quantity produced is zero. C. are all the costs it incurs when it produces some positive quantity. D. can sometimes be avoided in the short run.