When a competitive firm is in long-run equilibrium, its accounting profits are greater than zero.
Answer the following statement true (T) or false (F)
True
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Suppose the price of a can was $5.14. In this case, to maximize its profit, the firm illustrated in the figure above would
A) increase its production and would make an economic profit. B) not change its production and would make a normal profit. C) not change its production and would make an economic profit. D) increase its production and would incur an economic loss. E) not change its production and would incur an economic loss.
Refer to Figure 7-3. If there was no quota, how many pounds of peanuts would domestic producers supply?
A) 10 million B) 28 million C) 30 million D) 40 million
If this is a closed economy, the price of a TV will be ________.
A. $125 B. $275 C. $175 D. $75
Suppose MRTS is not the same across all producers. In this case, the economic outcome is not fully efficient because:
A) exchange is inefficient. B) the use of inputs in production is inefficient. C) the mix of outputs in inefficient. D) none of the above