In models with perfect competition,Question 17AnswerSelect one:a.economic profits are always positive.b.income paid to labour is the same as is paid to capital.c.economic profits are zero.d.the real interest rate is equal to the nominal interest rate.e.accounting profits are zero.

Economic profits in a short-run equilibriumQuestion 1Select one:a.are never negative because a firm would shutdown if profits are negative.b.may be positive, zero, or negative.c.will never exceed the difference between marginal revenue and marginal cost per unit of output.d.are always zero.

Which of the following goes closest to fitting the economist's model of perfect competition?Question 1Select one:a.The only hotel in a small country town.b.A Suburban law firm.c.A city-based firm of management consultants.d.A house cleaning business.Clear my choiceQuestion 2Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIf a perfectly competitive firm sells 40 units of output at a market price of $380 per unit, its marginal revenue per unit is: ....Question 2Select one:a.$380b.$95c.$9.50d.more than $95, but less than $380Clear my choiceQuestion 3Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following are the same at all levels of output under perfect competition?Question 3Select one:a.Marginal cost and marginal revenue.b.Price and marginal cost.c.Price and marginal revenue.d.None of the answers provided are correct.Clear my choiceQuestion 4Not yet answeredMarked out of 1.00Flag questionTipsQuestion textA perfectly competitive firm's supply curve follows the upward-sloping segment of its marginal cost curve above the .................Question 4Select one:a.average variable cost curve.b.average price curve.c.average fixed cost curve. d.average total cost curve.Clear my choiceQuestion 5Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWASHDOG is a perfectly competitive firm that washes dogs in Perth. It sells its service for $75 per dog. Its minimum average variable cost is $76 per unit. The firm should: .....Question 5Select one:a.shut down.b.maintain its current rate of output.c.increase output.d.decrease output, but not shut down.

1-2 Economic profit​a.is a theoretical measure of a firm’s performance and has little value in real world decision making.​b.can be calculated by subtracting implicit costs of using owner-supplied resources from the firm’s total revenue.​c.is negative when total costs exceed total revenues.​d.is generally larger than accounting profit. ​

economic profit would be equal to accounting profit whenedit

Consider an economy described by the textbook Solow model with a production function . The economy is producing 100 units of output and the productivity parameter is equal to 1. If the depreciation rate is 6%, the investment rate is 6%, and there are 125 workers, the growth rate of the economy_____:Group of answer choicesis positive because the economy is below its steady state.cannot be determined.is equal to zero because the economy is at its steady state.is negative because the economy is above its steady state.