In the long run, if we observe firms in a competitive market earning economic profits, we know that this market is in long-run equilibrium

In economic theory, an unemployment rate of _________ considered desirable

a. 5 percent or less b. 9 to 10 percent c. Under 12 percent d. 18 percent

Which of the following would not bar entry into a market?

a. control by a single firm of an essential resource b. the necessity of taking risks when starting a firm c. patents d. economies of scale e. government regulations limiting the number of firms in an industry