In the above figure, the monopolistically competitive firm makes an economic profit of
A) $0.
B) between $0 and $50 per day.
C) between $50.01 and $100 per day.
D) greater than $100.01 per day.
B
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Use the following table to answer the next question.YearNominal Income (dollars)CPIReal Income (dollars)1$44,600130 2$48,200 $35,1833$51,000139 What is the value of real income in Year 1?
A. $343 B. $44,600 C. $57,980 D. $34,308
When you deposit $50 in currency at Old National Bank
A) its assets increase by less than $50 because of reserve requirements. B) its reserves increase by less than $50 because of reserve requirements. C) its liabilities increase by $50. D) its liabilities decrease by $50.
Answer the question on the basis of the following information for a public good. Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.Suppose government has already produced 4 units of this public good. The amount individual B is willing voluntarily to pay for the fourth unit is
What will be an ideal response?
The existence of a deadweight loss associated with a monopoly can be seen because
A) consumers are willing to pay more for the last unit of output than it costs to produce. B) the cost of the last unit produced is more than consumers are willing to pay for it. C) the producer surplus is larger than in a competitive market. D) None of the above.