A country has 6,000 total efficiency units of labor. If the average efficiency of each worker in the economy doubles, the country will have ________ efficiency units of labor, everything else remaining unchanged

When a firm has economic profits equal to zero

A) the firm is earning a normal rate of return on investment. B) the firm is not earning a normal rate of return on investment. C) the firm should shut down. D) the firm's accounting profits are also zero.

Having worked for many of the firms in the petroleum industry, you know that the price elasticity of demand for a representative firm is about ?1.25. An industry publication recently reported that the Rothschild index for the petroleum industry is estimated to be 0.88. Based on this information, you know that the price elasticity of demand for the firm you currently work for in the petroleum industry is:

A. ?1.10. B. 1.10. C. ?1.42. D. 0.704.