When a firm's demand curve is tangent to its average total cost curve, the
a. firm's economic profit is zero.
b. firm must be earning economic profits.
c. firm must be incurring economic losses.
d. firm must be operating at its efficient scale.
a
Economics
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Which of the following statements about economic resources is false?
A) Economic resources are also called factors of production. B) Economic resources include financial capital and money. C) Economic resources are used to produce goods and services. D) Some economic resources are human-made while others are found in nature.
Economics
Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?
A) 5 units B) 10 units C) 15 units D) 20 units
Economics