Given the information in the graph above, how much profit does this monopolistic competitor make?
Total Profit = (price - ATC) × Output
= ($51.00 - $52.00) x 60
= -$1.00 x 60
= -$60 (loss of $60)
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The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. The cross price elasticity of demand for wheat with respect to barley
A) cannot be calculated from just the information provided. B) is negative. C) suggests that wheat and barley are complements. D) equals 1.
Which of the following two effects of a decrease in the tax rate on saving would raise savings?
a. the income effect and the substitution effect b. the income effect but not the substitution effect c. the substitution effect but not the income effect d. neither the substitution effect nor the income effect
The questions below are based on the table below. Fill in the blank spaces first. 
The Supply of Labor is W = 10 + 3QLHow many laborers will be hired if the product and labor markets are both imperfect?
What will be an ideal response?
A monopolist can earn an economic profit only when:
A. marginal cost equals marginal revenue, and the same is true for a perfectly competitive firm. B. marginal cost equals price, while a perfectly competitive firm earns a profit if average total cost is less than price. C. average total cost is less than price and the same is true for a perfectly competitive firm. D. average variable cost exceed marginal cost, while a perfectly competitive firm earns a profit if average total cost exceeds marginal cost.