Government savings, , is equal to
A) T - G.
B) T + G.
C) T = G.
D) T + G - I.
E) T - G = I.
A
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If Adam's Rib Joint took in $35,000 in revenue last week and had out-of-pocket expenses of $31,500:
a. it is clear that Adam made an economic profit of $3,500 b. Adam really didn't make any economic profit since he needs to put the difference between revenue and out-of-pocket expenses back into the firm. c. Adam clearly did not earn an economic profit. d. it is not clear whether Adam earned any economic profit last week because it depends on the magnitude of the implicit costs.
Auction markets usually
a. cause a shortage because there is more than one bidder for an item b. cause a surplus because auctions seldom sell off all the items at the auction c. fail to clear the market d. arrive at an equilibrium price within minutes for each item auctioned e. are unfair and for this reason have been regulated by government