When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, economic profits will be negative in the long run. True/False

Which economic system could be characterized by the "iron fist", meaning a central authority figure has control over most of the economy? market economy command economy traditional economy free enterprise economy

Saeed needs money to purchase tools, basic office supplies, parts to refurbish equipment, accounting software, and legal fees. believing saeed's business will be a success, an investor invests $5,000 to saeed open his business. in return, saeed agrees to repay the investor the $5,000 plus 17 percent of the profits of the business. calculate the return on investment for the investor if saeed's business makes $7,000 in profit as a total return of the business in its first year.

In most states, a licensee must provide a(n) of any existing agency relationships to all parties