Reference no: EM13698190
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits
Select one:
a. only in a perfectly competitive or a monopoly market structure.
b. only in the short run.
c. only in an oligopolistic or a monopolistically competitive market structure.
d. only if it is a monopoly.
e. only if it is an oligopoly.
When economic profit is positive,
Select one:
a. accounting profit can be negative.
b. accounting profit can be zero.
c. accounting profit must be positive.
d. total revenue is maximum.
e. a normal profit is earned.
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Market changes affect demand for resources in related makets
: How markets allocate resources. Derived demand is the change in demand due to a result initiated in another market. Market changes affect the demand for resources in related markets. For the following scenario, you are given a list of products.
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Compare both economies to the golden rule
: Suppose two countries, A and B, with the same production function Y = K? L 1?? . The value of ? is 0.30, the growth rate of population is 2% and the depreciation rate is 5%. Compare both economies to the Golden Rule.
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Along the transition according to solows model
: Explain how the following events affect output, capital and consumption per unit of labor in the long run and along the transition according to Solow's Model:
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Unexpectedly total factor productivity increases
: Consider Solow's model when the production function is Y = 1000K0.3 L0.7. The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Factor..
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When economic profit is positive
: If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
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Competitive market from monopolistically competitive market
: The characteristic that distinguishes a perfectly competitive market from a monopolistically competitive market is. Which of the following statements concerning market structure is not true?
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In monopoly-the terms price maker and price setter
: The terms price maker, price setter, and price searcher are all meant to imply the same thing, which is. In monopoly,
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The term price maker
: The payment to resource owners has to be equal to ____ in order to keep the resources in their current use. The term price maker
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Profit maximization between perfect competitor-type of firms
: A(n) ____ may offer products that are either differentiated or nondifferentiated. What is the difference in profit maximization between the perfect competitor and all other types of firms?
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