If a perfectly competitive industry is neither expanding nor contracting, we would typically expect that:
a. accounting profits to be zero
b. economic profits to be zero.
c. the price of the good will be stable
d. both (b) and (c) would be true.
d
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Gross Domestic Product measures the
A) quantity of the goods and services produced in a given year, listed item by item, within a country. B) income of the business sector within a country. C) market value of the final goods and services produced in a given year within a country. D) measures the market value of the domestic labor in a given year within a country. E) market value of the final goods and services consumed by households in a given year within a country.
When the Federal Reserve buys US Treasury Securities from banks, there is a reduction in the money supply (i.e., M1 and/or M2).
Indicate whether the statement is true or false