In the real world, some competitive firms owns specialized resources that earn a return called:

A. Economic profit

B. Rent

C. Accounting profit

D. Normal profit

Related Questions

  1. Supply of commodity is a:
  2. In monopolistic competition, the firms face:
  3. According to critics, the assumption of costless production is:
  4. Which of the following is called Gossens first law?
  5. The alternative of profit maximization theory is:
  6. In Revealed Preference Theory, Samuelson proves P.E = S.E + I.E :
  7. Of the following, which one is a characteristic of monopolistic competition?
  8. Iso-product curve (isoquant) shows:
  9. Social costs equal private costs when:
  10. The number of firms in monopolistic competition normally range between:
  11. In Nash equilibrium, a player:
  12. Capital and Development Planning is the work of:
  13. Because the price elasticity of demand for OPEC oil is approximately .08, in order to increase revenues…
  14. Which describes a competitive market?
  15. If the marginal utility of apples to a consumer exceeds that of bananas then the consumer:
  16. Plumbing and pipe-fitting require many of the same skills. If the wage paid to pipe-fitters increased…
  17. Which is the first-order condition for the profit of a firm to be maximum?
  18. If the increase in demand is more than the increase in supply, the price will:
  19. Pure monopoly exists:
  20. The Law of Equi-Marginal Utility refers to:
  21. Indifference curves are downward sloping and are drawn bowed toward the origin (convex to the origin)…
  22. At high prices, demand is likely to be:
  23. The total utility (TU) curve is:
  24. Who introduced the concept of Elasticity of Demand into economic theory?
  25. With elasticity of demand, the:
  26. An increase in the price of the good measured on the horizontal axis causes:
  27. Micro economics is concerned with:
  28. In monopoly, the relationship between average revenue and marginal revenue curves is as follows:
  29. The production function can convey to a firm:
  30. When total product (TP) is maximum:

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