Judge the following statements: ( ) Economic profit will be always less than accounting profit.

Judge the following statements:

( ) Economic profit will be always less than accounting profit.

( ) Changes in people´s income generate changes in the quantity demanded at certain level of prices, which means changes along the demand curve.

( ) A tax on a good or service creates the same deadweight loss for every good, regardless of the demand elasticity of those goods.

( ) In the long run, unlike monopolies, firms under monopolistic competition or perfect competition have zero profits.

( ) The trend we have seen in past years of people switching from SUV cars to more fuel-efficient or hybrid cars, even electric cars, is an example of how in the long run the demand for gas becomes more elastic than in the short run.

A.TFFTT

B.FTTFT

C.TFFFF

D.TFFTF

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