Fred receives $14,000 per year from the federal government because he is disabled. This is a

A government runs a deficit when its government revenues exceed expenditures

Indicate whether the statement is true or false

The perfectly competitive widget industry is in long-run equilibrium. A profit-maximizing manufacturer receives total revenue of $55,000 . He uses his labor, $15,000 worth of wire, and $15,000 worth of steel to make the widgets. The manufacturer

a. is earning an economic profit of $25,000. b. must have an opportunity cost of labor of less than $25,000. c. must have an opportunity cost of labor of exactly $25,000. d. must have an opportunity cost of labor of more than $25,000.