Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. A corn producer's profit is $200 and is producing 100 bushels of corn. Then he must have a cost per bushel of
A. $1.
B. $2.
C. $3.
D. $4.
Answer: C
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Using the DD-AA framework, show the phenomenon of overshooting. Use a figure to explain when it is taking place
What will be an ideal response?
In the long run, there are no fixed costs
a. true b. false
Monopolistically competitive firms can earn profits in the long run by:
A. price discriminating. B. continually innovating to differentiate their product. C. further minimizing their costs. D. monopolistically competitive firms only earn zero profits in the long run.
If people expect the price of packaged coffee to rise next week, coffee demand will:
a. decrease now. b. increase now. c. stay the same now and increase next week. d. stay the same now and decrease next week. e. stay the same now and next week.