Use the figure above to answer this question. Consider a perfectly competitive firm in a short run equilibrium. Figure ________ shows a firm in bad times because the firm produces ________ units and makes a(n) ________
A) A; 100; economic loss
B) A; 110; economic loss
C) B; 90; economic profit
D) C; 100; economic loss
E) C; 100; normal profit
A
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If the number of workers in a country is 12,000 and its income per worker is $380, its gross domestic product is ________
A) $524,000 B) $618,000 C) $4,560,000 D) $1,240,000
Circulating private bank notes
A) have never been used in the United States. B) were widely used in the Free Banking Era. C) were widely used in the United States during the Great Depression. D) are still currently in use in Canada.
__________is business conducted over the internet.
Fill in the blank(s) with the appropriate word(s).
If a union succeeds in increasing the wage rate by restricting labor supply, then
A) all of its members will be better off. B) some members may lose their jobs. C) all of its members will be worse off. D) more of its members will be employed.