(Ref 9-8 Figure: The Market for Hamburgers) Refer to Figure 9-8: The Market for Hamburgers shows the weekly market for hamburgers in Tuscaloosa. If 400 hamburgers are sold, consumer surplus will equal:

A perfectly competitive firm has total revenue and total cost curves given by:

TR = 100Q TC = 5,000 + 2Q + 0.2 Q2 a. Find the profit-maximizing output for this firm. b. What profit does the firm make?

Workers in a nearby pizza restaurant may indirectly enjoy income increases from a nearby construction work site.

Answer the following statement true (T) or false (F)

An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world.

A. 10 B. 27 C. 39 D. 50

The marginal revenue of a monopolistically competitive firm

A) cannot be negative because the price the firm charges will always be greater than zero. B) can be negative if the firm charges a high price. C) can be negative if the firm charges a low price. D) will equal average revenue.