For the perfectly competitive firm, economic profit equals:
a. (price - marginal cost) x quantity.
b. (price - average total cost) x quantity.
c. (price - average variable cost) x quantity.
d. total revenue - total fixed cost.
Ans: b. (price - average total cost) x quantity.
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In the table above, what inflation rate belongs in space A?
A) 17.0 percent B) 6.8 percent C) 8.3 percent D) -4.0 percent
When all markets in the economy are simultaneously in equilibrium, we say
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Distinguish between a horizontal merger and a vertical merger
What will be an ideal response?