In perfect competition, an economic profit can be earned
a. only in the long run
b. only if the firm is efficient
c. only in the short run
d. never
e. always
C
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According to Friedrich Hayek and his followers, the booms and busts of the business cycle are primarily the result of
a. fluctuations in aggregate demand. b. the "animal spirits" of private investors. c. excessive credit expansion and artificially low interest rates that trigger malinvestment. d. the unwillingness of political decision-makers to follow the advice of macroeconomists who know how to alter fiscal policy in a manner that would virtually eliminate the ups and downs of the business cycle.
If you are buying a bond that is newly issued by the corporation, you are buying it in the primary market
Indicate whether the statement is true or false