In order for a monopolist to earn a pure economic profit in short-run equilibrium, price must exceed average total cost
a. True
b. False
Indicate whether the statement is true or false
True
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In the U.S. balance of payments, exports to Europe are recorded as a
a. a use of funds in the current account. b. negative item in the current account. c. capital inflow item. d. capital outflow item. e. None of the above
Suppose that under its collective bargaining agreement, the XYZ Co can only hire union members in good standing at the time of hiring. XYZ Co is
A) a union shop. B) a closed shop. C) an open shop. D) a company union.
When interest rates go down, people are
a. more likely to borrow b. less likely to borrow c. does not affect a person's consumption d. None of the above
To economists, games are:
A. just recreational pursuits like chess, Monopoly, or poker. B. any situation in which players pursue strategies designed to achieve their goals. C. situations in which individuals act against their own interest for fun. D. None of these statements are true.