In long-run perfectly competitive equilibrium, which of the following is false?
A) There is efficient, low-cost production at the minimum efficient scale.
B) Economic surplus is maximized.
C) Firms earn economic profit.
D) Economies of scale are exhausted.
Answer: C
Economics
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Which of the following applies to discouraged workers?
(A) They are included in the unemployment rate. (B) They are workers who were injured on the job and can no longer work. (C) They are workers who move to another country to look for work. (D) They are not included in the unemployment rate.
Economics
Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money
A) commodity B) fiat C) electronic D) funny
Economics