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This question was created from Chapters 3 and 4

/in /by

Question

This question was created from Chapters 3 and 4

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competitiveness in a market

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Question

One way the government can restore competitiveness in a market is

through:

patents.

copyrights.

tariffs.

taxes.

antitrust laws

 
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economic profits

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Question

When talking about economic profits in a perfectly competitive market, the difference between the long run and the

short run is that, in the short run, firms:

can earn positive economic profits, but in the long run, firms have zero economic profits.

can earn negative economic profits, but in the long run, firms have zero economic profits.

can earn positive or negative economic profits, but in the long run, firms have negative economic profits.

earn negative economic profits, but in the long run, firms have positive economic profits.

can earn positive or negative economic profits, but in the long run, firms have zero economic profits.

 
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Costs

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Question

Costs that have been incurred as a result of past decisions are known as:
sunk

costs.

variable costs.

fixed costs.

opportunity costs.

marginal costs.

 
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