A perfectly competitive firm definitely makes an economic profit in the short run if price is
A) equal to marginal cost.
B) equal to average total cost.
C) greater than average total cost.
D) greater than marginal cost.
E) greater than average variable cost.
C
Economics
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The idea that a persons productive efforts and his or her economic rewards are unrelated:
A. is the neocolonialism view of economic development. B. describes the vicious circle of poverty. C. is the surplus labor theory of economic development. D. is the capricious universe view.
Economics
If the value of your savings is increasing over time, it must be true that the inflation rate:
A. must be zero. B. is higher than the nominal interest rate. C. is lower than the nominal interest rate. D. and the nominal interest rate are the same.
Economics