In 2018, Kendall Ford, an automobile dealership, spent $20,000 on a new car lift for its repair shop, $2,000 on a new copy machine for its sales division, and $600,000 on Ford Motor company stock. Unsold cars and trucks were valued at $400,000 on January 1, 2018 and unsold cars and trucks were valued at $900,000 on December 31, 2018. What is Kendall Ford's total investment spending in 2018?

In the short run

a. firms can enter the industry but no firm can exit. b. firms can exit the industry but no firm can enter. c. firms can enter and exit the industry. d. no firm can enter or exit the industry.

The failure of a major financial company is often a trigger for a financial crisis. The main reason for trouble at a single firm to become a crisis for the entire economy is that ________

A) the central bank will suspend operations until the failed firm is restructured B) it is unclear whether the firm's collapse will remain an isolated event C) customers of the failed company will organize a boycott to protest their losses D) employees and owners of the failed company reduce their spending, with adverse effects on other businesses

All normal supply curves slope from the_____________________of the graph to the__________.

Fill in the blank(s) with the appropriate word(s).

Which is true of normal profits?

A. They are necessary to keep a firm in the industry in the long run. B. They are excluded from a firm's costs of production. C. They are greater than the opportunity cost to the firm. D. They are zero under pure competition in the long run.