Long-run producer surplus in a perfectly competitive industry accrues mainly to:
a. suppliers of inputs with inelastic supply curves.
b. suppliers of inputs with elastic supply curves.
c. firms' owners.
d. marginal consumers.
a
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Gross revenue minus explicit and implicit costs is equal to
A) net worth. B) accounting profit. C) economic profit. D) opportunity cost.
Which of the following is the best example of a vertically integrated firm?
a. General Electric, which produces light bulbs, jet engines, washing machines, and so on b. Kinko's, which has a photocopy store near many colleges and universities c. USX Corporation, which owns ore and coal mines, coke ovens, blast furnaces, mills, and foundries d. Intel, which makes computer chips for most of the computer manufacturers e. Century 21, which has real estate offices that help people sell a house in one city and buy another house in another city