Author Question: In short-run perfectly competitive equilibrium, which of the following is alwaystrue? a. Profit ... (Read 57 times)

dalyningkenk · **on:** Jun 30, 2018

In short-run perfectly competitive equilibrium, which of the following is alwaystrue?
a. Profit equals zero.
b. Profit can be negative, zero, or positive.
c. Profit can be zero or positive, but not negative.
d. Profit is positive, otherwise firms would not produce.

Question 2

The number of CDs purchased increased by 50 percent when consumer income increased by 10 percent. Assuming other factors are held constant, CDs would be classified as:
a. social goods.
b. normal goods.
c. Giffen goods.
d. inferior goods.