The figure above shows the cost, marginal revenue, and demand curves of Golden Chow, a producer of dog food. The market for dog food is monopolistic competition. In the short run, Golden Chow sells 400 cans of dog food per day and makes ________
Other firms have ________ incentive to enter the industry. A) an economic profit of $200 a day; an
B) an economic profit of $400 a day; an
C) a normal profit of $200 a day; no
D) an economic profit of $400 a day; no
A
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The process whereby votes are exchanged to gain support for legislation is referred to as
A) logrolling. B) rational ignorance. C) simple majority voting. D) special interest voting. E) a and d
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A. always make B. never make C. always lose D. sometimes make
A producer is said to have a comparative advantage in the production of a good when:
A) the producer has a higher opportunity cost than another producer. B) the producer can produce more units of the good per hour than another producer. C) the producer has a lower opportunity cost than another producer. D) the producer charges a higher price for the good than the other producers.