Use the above figure. The economic profit for this firm is
A. the distance between T and E.
B. the distance between E and x-axis.
C. zero.
D. the distance between T and x-axis.
Answer: C
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A fair bet is one where
A) the player has a 50/50 chance of winning. B) the player's utility function is convex. C) the expected value is zero. D) the expected value is positive.
Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level?
Defend your position using economic principles.
Over the past four decades
A) the growth rate of real GDP per person in the United States has been increasing. B) U.S. real GDP per person has fallen below that of the other rich industrial countries. C) U.S. real GDP per person has increased. D) Both answers A and C are correct.
In the figure above, if the market for jackets were perfectly competitive, in long-run equilibrium, each firm would sell ________ jackets per day at ________ per jacket
A) 132; $122 B) 100; $130 C) 100; $80 D) 128; $114