A firm's accounting profit is also its
A) economic profit. B) net income.
C) statement of liabilities. D) income statement.
B
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Suppose a market begins in equilibrium. If supply increases, then at the original equilibrium price the quantity demanded is
A) is less than the quantity supplied and a surplus results. B) is less than the quantity supplied and a shortage results. C) exceeds the quantity supplied and a surplus results. D) exceeds the quantity supplied and a shortage results.
Refer to Table 14-3. Is there a dominant strategy for Nigeria and, if so, what is it?
A) Yes, it has a dominant strategy depending on what Saudi Arabia does. B) Yes, the dominant strategy is to produce a high output. C) Yes, the dominant strategy is to produce a low output. D) No, there is no dominant strategy.