In the long run, each firm in a perfectly competitive market earns zero economic profit.
Answer the following statement true (T) or false (F)
True
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One reason why the average salary of Major League Baseball players is higher than the average salary of college professors is
A) competition among baseball club owners forces player salaries to be much higher than the players' marginal revenue products. B) the marginal revenue product of baseball players is greater than the marginal revenue product of college professors. C) the careers of most baseball players are much shorter than the careers of most college professors. D) college professors accept lower salaries in exchange for better working conditions.
People combining the effects of past policy changes on important economic variables with their own judgment about the future effects of current and future policy changes is consistent with
A) frictional unemployment. B) the rational expectations hypothesis. C) active policy making. D) passive policy making.
Capital shallowing occurs because old capital depreciates, or becomes completely obsolete with the passage of time
a. True b. False Indicate whether the statement is true or false
The level of aggregate expenditure in the private closed Economy is determined by the
A) expenditures of consumers and businesses. B) intersection of the saving schedule and the 45-degree line. C) equality of the MPC and MPS. D) intersection of the saving and consumption schedules.