Profits:
A) Are lower in the long run than in the short run
B) Can be negative
C) Are less in perfect competition than in monopoly
D) All of the above
Correct Answer:
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Q6: Every factor of production gets reward equal
Q7: According to Keynes, interest is a payment
Q8: In economics capital refers to:
A)Money
B)High quality goods
C)Trade
Q9: Professor Knight is famous for his theory
Q10: Profits:
A)Are residual payment
B)Are pre-determined
C)Are fixed contract
D)Are always
Q12: Profits arise because an entrepreneur:
A)Prepares plan
B)Innovates
C)Lends money
D)Both
Q13: Gross profit does NOT include:
A)Rent of land
Q14: Some economists say that profit earner is
Q15: Risks in the business arise because of:
A)Introduction
Q16: According to Professor Knight risks are of
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