When an economy is producing efficiently, it is
A. Producing a combination of goods and services beyond the production possibilities curve.
B. Experiencing decreasing opportunity costs.
C. Getting the maximum goods and services possible from the available resources.
D. Producing equal amounts of all goods.
Answer: C
Economics
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If a firm operates in a perfectly competitive market, then
A) all firms will advertise. B) no firms will advertise. C) the market leader will advertise. D) new firms will advertise.
Economics
One reason that monopolies often earn zero economic profits is that
a. many monopolies are regulated by the government b. competitors cut prices c. barriers to entry are low d. collusion prevents profits e. costly concessions to labor suppliers reduce economic profit
Economics