Most of the empirical research on long-run costs suggests that the long-run average cost curve for most firms has a very pronounced U-shape
Indicate whether the statement is true or false
FALSE
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The consumption function shows the relationship between planned real consumption spending and
A) planned real saving. B) the average propensity to consume. C) real disposable income. D) the marginal propensity to consume.
Laws that restrict the smoking of cigarettes in public places are examples of government intervention that is intended to reduce
a. efficiency. b. equality. c. externalities. d. productivity.
Price discrimination is a result of the ______ motive.
a. profit minimization b. profit maximization c. social awareness d. free trade
Ed is a freelance writer who could work for a newspaper at $25,000 a year but instead works for himself for $41,000 a year. His only business expenses are $1,000 for writing materials and $12,000 for rent. Ed's normal profit is $1,000
Ed's economic profit from working as a freelance writer is A) $1,000. B) $2,000. C) $15,000. D) $25,000.