Suppose a Typical Firm in a Particular Industry Is Making

question 26

Multiple Choice

Suppose a typical firm in a particular industry is making positive economic profits. These economic profits

• A) reflect a waste of society's scarce resources and reflect inefficient production.
• B) signal owners of factors of production to move their resources out of that industry.
• C) imply that accounting costs are greater than economic costs in this industry.
• D) signal owners of factors of production to move resources into this industry.

---

Definitions:

Legal Counsel

An attorney or group of attorneys tasked with providing advice and representation in legal matters to an individual, organization, or government entity.

Gideon v. Wainwright

A landmark Supreme Court case in 1963 that established the right to legal counsel for criminal defendants in federal and state courts.

Criminal Defendants

Individuals who have been charged with a criminal offense and are undergoing the legal process to determine their guilt or innocence.

Exclusionary Rule

A legal principle that prohibits the use of evidence obtained in violation of a defendant's constitutional rights from being introduced in court.