In order to earn an economic profit, a firm needs to charge a price in excess of
A) accounting average cost.
B) normal average costs.
C) economic average cost.
D) long-run fixed costs.
C
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In Figure 30.1, the labor supply could shift from S1 to S2 due to all of the following except
A. A decrease in the attraction of leisure activities. B. An increase in the number of workers willing to work in this labor market. C. Fewer workers preferring to work in this labor market. D. A decrease in the payroll tax on workers.
Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, what is causing more and more consumers to get a complete genetic profile of themselves?
A. The cost of genetic testing is decreasing. B. The government is subsidizing genetic testing through Medicare. C. More employers are requiring genetic testing before workers are hired. D. More people want to know which famous person they are related to.
Cash held by a bank in its vault is a part of the bank's
A. liabilities. B. reserves. C. net worth. D. money supply.
Which of the following is a private owner prohibited from doing?
What will be an ideal response?