Which of the following is not true in the long run under perfect competition?
a. There is no incentive for firms to enter or exit the industry.
b. Economic profit is zero.
c. Long-run marginal cost is minimized.
d. Long-run average total cost is minimized.
Question 2
Unemployment insurance provided by the U.S. government is usually funded by:
a. the excise duties imposed on the import of foreign goods.
b. the national tax on payrolls levied on firms.
c. external borrowing by the U.S. government.
d. printing new money.
e. selling off government bonds.
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