Figure 10-3
In Figure 10-3, the perfectly competitive firm is realizing a
a.
loss equal to ABCE.
b.
profit equal to ABCE.
c.
profit equal to ABDF.
d.
loss equal to ABDF.
c
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Explain how patents have been beneficial for markets
What will be an ideal response?
When producers anticipate that the price of their product will increase in the future
A) the supply curve will shift to the right. B) the supply curve will shift to the left. C) the current production will move along on the supply curve. D) they will immediately lobby Congress to adjust prices now.
When a nation totally bans trade with another country, it is imposing a(n):
a. tariff. b. embargo. c. quota. d. none of these.
If macroeconomics looks at the economy as a whole, it focuses on which of the following?
A. households B. business firms C. unemployed people D. the division of labor