Refer to the information provided in Figure 13.6 below to answer the question that follows.
Figure 13.6 Refer to Figure 13.6. The Memory Company's ________ level of output is 200 high school yearbooks.
A. shut down
B. profit-maximizing
C. loss-maximizing
D. break-even
Answer: B
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A typical professional National Football League team has three quarterbacks on its roster. What is one reason why they might not have a fourth quarterback?
A) The fourth quarterback's marginal product is approximately zero. B) The fourth quarterback's marginal product is approximately ten. C) The fourth quarterback's marginal product is less than the first quarterback's marginal product. D) There is a law against carrying four quarterbacks on a team.
Which of the following is true in long-run equilibrium for a firm in monopolistic competition?
A) MC = ATC. B) MC > ATC. C) MC < ATC. D) Any of the above may be true.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
In the long-run equilibrium in a perfectly competitive market, the economic profit of the firms is
A) positive. B) negative. C) zero. D) increasing.