A Large, Well Conducted Comparison Between Long Sleepers and Short

question 9

Multiple Choice

A large, well conducted comparison between long sleepers and short sleepers, Fichten and colleagues found that the short sleepers

• A) slept less.
• B) suffered from more mental illness.
• C) had poorer memories.
• D) had shorter life expectancies.
• E) accomplished less.

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Definitions:

Economic Profits

Profits that exceed the costs of all inputs, including both explicit costs (like wages and materials) and implicit costs (like the opportunity cost of capital).

Industry Equilibrium

A state where supply and demand in an industry are balanced, leading to stable prices and quantities.

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain in excess of the opportunity costs.

Long-run Equilibrium

A state in which all firms in a market are earning zero economic profits, ensuring that no firm has an incentive to enter or exit the market.