Multiple Choice
Economists proclaim that competitive firms make zero economic profit in the long run.This shows how
A) detached economists are from the real world.
B) unrealistic economic theory is.
C) firms cover all their cost, both monetary and non-monetary.
D) firms cover only monetary cost when economic profits are zero.
Correct Answer:
Verified
Correct Answer:
Verified
Q16: At what output level,q,is average cost minimized
Q17: A production possibilities frontier that is bowed-inward
Q18: Assuming that w and r are both
Q19: If the marginal cost of producing a
Q20: In the short run,average variable costs are
Q22: Variable costs are<br>A) a production expense that
Q23: Learning by doing is represented by<br>A) a
Q24: What is one possible reason a firm
Q25: An accountant may amortize the expense of
Q26: Suppose the total cost of producing T-shirts