In economic analysis, any amount of profit earned above zero is considered "above normal" because
A) normally firms are supposed to earn zero profit.
B) this would indicate that the firm's revenue exceeded both its accounting and opportunity cost.
C) this would indicate that the firm was at least earning a profit equal to its opportunity cost.
D) this would indicate that the firm's revenue exceeded its accounting cost.
B
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Larger economic benefits from a currency union occur when:
A) there is intense competition between the economies. B) market integration is large, yielding efficiency benefits. C) the central bank acts independently. D) the currency is pegged to the U.S. dollar.
The law of demand shows that there is
A) an inverse relationship between price and profit. B) an inverse relationship between price and resource cost. C) an inverse relationship between price and quantity demanded. D) a direct relationship between price and quantity demanded.