Economic profit is

A. P(q-ATC).
B. Pq/ATC.
C. (P?ATC)q.
D. (P+ATC)q.


Answer: C

Economics

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A) a. B) b. C) c. D) e.

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When marginal revenue is zero for a monopolist facing a downward-sloping straight-line demand curve, the price elasticity of demand is:

a. greater than 1. b. equal to 1. c. less than 2. d. equal to 0.

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If minimum wage is set above equilibrium wage rate, powerful effects.

What will be an ideal response?

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A movement upward and to the left along a demand curve is called a(n)

a. increase in demand.
b. decrease in demand.
c. decrease in quantity demanded.
d. increase in quantity demanded.

Economics