If a competitive firm is in short-run equilibrium, then
A) profits equal zero.
B) economic profits will be positive.
C) economic profits will be negative.
D) All of the above are possible in the short run.
D
Economics
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Suppose at present people hold a quantity of money equal to 80% of nominal GDP. What happens to velocity if people wish to increase their money holdings to 85% of nominal GDP?
A) Velocity can increase or decrease depending on people's tastes and preferences toward money. B) Velocity is unaffected. C) Velocity increases. D) Velocity decreases.
Economics
Paper money in the United States is in the form of
a. treasury notes b. Federal Reserve notes c. silver certificates backed by silver d. gold certificates backed by gold e. U.S. bank notes
Economics