Refer to Figure 15-6. The monopolist earns a profit of
A) $0. B) $170. C) $248. D) $372.
C
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For a perfectly competitive firm, the short-run supply curve has an output level that is
A. determined by the lowest point on the average total cost curve. B. determined by the point at which marginal cost equals marginal revenue. C. determined by the lowest point on the average variable cost curve. D. determined by the point at which average variable cost intersects the average total cost curve.
Fogel's work (1964) on the economic impact of railroads is mostly written in response to
(a) Rostow's takeoff theory. (b) Schumpeter's theory of railroads building ahead of demand. (c) David's theory of path dependency. (d) Engerman's theory of multiroute analysis.
A decrease in supply will occur when
A. the supply curve shifts upward to the left. B. the supply curve shifts downward to the right. C. the demand curve shifts downward to the left. D. the demand curve shifts upward to the right.
If there is an increase in industry supply while the industry demand remains the same, then an individual firm in a perfectly competitive industry currently earning negative profits will see its profits
A. decrease further. B. not change. C. increase. D. impossible to determine