Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. If We Do Hair maximizes profits as a monopolistically competitive firm, it ________ of $320.
A. is earning a profit
B. is suffering a loss of
C. receives a total revenue
D. has a total cost
Answer: A
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One common source of market failure is
A) perfect information. B) pollution. C) private goods. D) perfect competition.
The person hired by a corporation's board of directors to ________ is known as the chief executive officer
A) chair the board of directors B) run the day-to-day operations of the corporation C) hire additional members for the board of directors D) audit the financial records of the corporation
As the income of bus riders increased, the wages of bus drivers increased simultaneously. How does this affect the market for bus rides (inferior good)?
a. The demand curve will shift to the left; the supply curve will shift to the left b. The demand curve will shift to the left; the supply curve will shift to the right c. The demand curve will shift to the right; the supply curve will shift to the left d. The demand curve will shift to the right; the supply curve will shift to the right
Whenever firms can freely enter and exit a market,
a. firms can never earn a profit. b. prices will be the same for all firms in the market. c. products will be identical for all firms in the market. d. profits and losses play an important role in determining the size of the industry.