Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as measured by his accountant are greater than zero, then
A) he made a good move because he is earning above normal profits.
B) his economic profit must be greater than zero.
C) his opportunity costs must be zero.
D) There is not enough information to determine his economic profit, if any.
D
Economics
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The StolperSamuelson theorem suggests that, over time, free international trade should lead to:
a. equalization of real wages across the world. b. greater divergences in real wages across the world. c. equalization of prices across the world. d. greater divergences in prices across the world.
Economics
What is "asymmetric information"?
What will be an ideal response?
Economics