In the long-run equilibrium, perfectly competitive firms make zero economic profit because of
A) government regulations.
B) the ability of firms to enter and exit.
C) inefficient production processes.
D) high fixed costs.
Question 2
Of the following, the best example of private information is when
A) Michael knows the price of a gallon of milk at the minimart but Michelle doesn't know.
B) you know some of your used car's defects but a potential buyer cannot find out about them until after buying.
C) you don't know the quality of a used car and must hire a trained mechanic who tells you all its defects.
D) you pay the owner of a used car a little extra and she lets you know all of the car's defects.
Blue whale skeleton, outside the Long Marine Laboratory at the University of California, Santa Cruz
Severe arthritis can make everyday activities, like writing, typing, and handling objects
Population Density versus Economic Growth
Write equilibrium constant expressions for the following reactions in terms of concentration:
economic question
economic question