If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000
A) I am earning economic profits of $10,000.
B) I am earning economic profits of $50,000.
C) I should close my business.
D) I am in a long-run equilibrium position.
C
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According to ________, the law's assignment of property rights would have no effect on the way resources would end up being used
A) Milton Friedman B) Ronald Coase C) Aaron Director D) George Stigler
In game in Scenario 13.8,
A) Y is a dominant strategy for IVY Corp. B) Z is a dominant strategy for IVY Corp. C) A is a dominant strategy for SAC Group. D) B is a dominant strategy for SAC Group. E) No firm has a dominant strategy.
Technological advances affect the net capital stock by
a) reducing the volatility of investment b) inducing obsolescence c) lowering the marginal product of capital d) shrinking the gap between gross and net investment e) raising the aggregate gearing of firms
The Federal Trade Commission:
A. is empowered to hold public hearings to investigate unfair practices. B. prohibits interlocking directorates in interstate industries. C. regulates airline fares. D. regulates such transportation industries as railroads and trucking.