In general, economic profits are:
A. less than accounting profits.
B. the same as accounting profits.
C. greater than accounting profits.
D. not comparable to accounting profits.
Answer: A
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Normal goods always obey the law of demand because, as the price of such a good rises, the
a. fall in quantity demanded due to the substitution effect is offset by a rise in quantity demanded due to the income effect b. fall in quantity demanded due to the substitution effect is reinforced by a fall in quantity demanded due to the income effect c. substitution effect will lead to an inward shift of the demand curve d. substitution effect will lead to an increase in quantity demanded e. rise in quantity demanded due to the substitution effect is offset by a fall in quantity demanded due to the income effect
The first attempt by United States workers to organize on a permanent basis was by what Philadelphia group?
a. coal miners b. shoemakers c. bakers d. construction workers e. bankers