An industry is expected to expand if firms in the industry are earning positive:
A. Normal profits
B. Economic profits
C. Accounting profits
D. Total revenues
B. Economic profits
Economics
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Refer to the scenario above. Which of the following will happen if she sells it for $200, and the total cost incurred by her in making the dress was $150?
A) GDP will increase by $50. B) GDP will increase by $180. C) Trade surplus will increase by $200. D) GDP will remain unchanged. Sarah takes care of her son instead of sending him to a day care which charges $12,000 annually.
Economics
What are the effects of a tariff, and who benefits and who loses when tariffs are imposed? What are the effects of a quota, and who benefits and who loses when quotas are imposed?
Economics