The market for maple syrup is perfectly competitive. Suppose that the market is in long-run equilibrium when the market demand for maple syrup increases. After the demand increases, a typical firm will
A) make zero economic profit.
B) make an economic profit.
C) incur an economic loss.
D) exit the market.
B
Economics
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A scarce resource is one that:
A) has two or more alternative uses. B) exhibits the basic properties of a free good. C) is confronted only under socialist conditions. D) has an unlimited supply.
Economics
Reserves of a bank equal its
A) deposits with the Federal Reserve. B) vault cash plus deposits of its customers. C) vault cash plus deposits with the Federal Reserve. D) vault cash.
Economics