It is not true in the long run of monopolies that
a. other firms seeking positive economic profit enter the market.
b. they earn positive economic profit.
c. they sell their output at a price greater than marginal cost.
d. they benefit from barriers to entry.
a
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The multiplier principle is important because it
a. was central to economic theory before Keynes. b. implies that investment will help stabilize the economy. c. shows why small shifts in investment have a powerful influence on national income. d. illustrates why a small change in income causes a large change in saving.
Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year. It employed the same number of labor hours each year. Real Foods' productivity
a. decreased 13%. b. was unchanged. c. increased 13%. d. increased 15%.