The representative firm in a purely competitive industry:
A. Will always earn a profit in the short run
B. May earn either an economic profit or a loss in the long run
C. Will always earn an economic profit in the long run
D. Will earn zero economic profit in the long run
D. Will earn zero economic profit in the long run
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Which of the following is not a function of the Fed?
a. To supervise and regulate banks. b. Dealing with financial crises. c. To print currency. d. Check clearing. e. Acting as a "bank for banks".
Refer to the table below. There are negative marginal returns when the:
The question is based on the following table that provides information on the production of a product that requires one variable input.
A. Fifth unit of input is added
B. Sixth unit of input is added
C. Seventh unit of input is added
D. Ninth unit of input is added