Refer to the diagram. At P 1 , this firm will produce:
A. 47 units and break even.
B. 47 units and realize an economic profit.
C. 66 units and earn only a normal profit.
D. 24 units and earn only a normal profit.
B. 47 units and realize an economic profit.
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A market that consists of only a few large firms is probably a(n):
A. perfectly competitive market. B. monopolistically competitive market. C. oligopoly. D. monopoly.
The typical shape for a yield curve is
A) gently upward sloping. B) mound shaped. C) flat. D) bowl shaped.
Refer to Figure 8.5. Equilibrium in this market is represented by a real wage of ________ and quantity of labor ________
A) w1; L1 B) w1; L2 C) w2; L1 D) w2; L3
For a linear and downward sloping demand curve, when the consumer has to pay a positive price for the good, the value to the consumer is a
A. rectangle. B. triangle. C. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the supply curve. D. four-sided figure that is a rectangle on the bottom and a right triangle on the top whose hypotenuse is the demand curve.