Economic profits at the short-run break-even point are
A) positive.
B) negative.
C) equal to zero.
D) indeterminate since they also depend on the size of the fixed costs.
Answer: C
Economics
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Government is a social institution
A) in which people do not engage in competition. B) in which the public interest, rather than private interests, guide individual behavior. C) whose behavior is determined by individuals' perceptions of marginal costs and marginal benefits. D) whose detailed actions are governed by the will of the majority.
Economics
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market if buyers expect the price of coffee to rise?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Economics