In the short run, a perfectly competitive firm's economic profits ...

[EAugust]

In the short run, a perfectly competitive firm's economic profits
 
  A) must equal zero, that is, the firm earns a normal profit.
  B) must be positive.
  C) might be positive, negative (an economic loss), or zero (a normal profit).
  D) must be negative, that is the firm must incur an economic loss.

Question 2

The above figure shows the Lorenz curve for wealth for the nation of Rusha. What percent of wealth is owned by the poorest quintile?
 
  A) 0 percent
  B) 5 percent
  C) 20 percent
  D) 35 percent

[thall411]

Answer to Question 1

C

Answer to Question 2

B