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- Wholesale fresh flowers.
- 2. Is $1 per unit.
- 3. Exclusive franchises.
- 4. $300.
- 5. A decrease in supply.
- 6. $360,000.
- 7. Face downward-sloping market demand curves.
- 8. MR = MC.
- 9. -$75.
- 10. An economic loss will occur.
- 11. Little because society would be willing to give up more alternative goods in order to get additional shoes.
- 12. Price is driven down to minimum ATC.
- 13. Do any of the above depending on the position of the AVC and the length of the time period.
- 14.
- Large advertising budgets.
- 15.
- C.
- 16.
- Is the demand curve facing the monopolist.
- 17. Economies of scale.
- 18 T
- 19 T
- 20 Price equals minimum ATC
- 21 long run fixed costs
- 22 True
- 23 Additional units of output will add to the firm's profits (or reduce losses).
- 24 T
- 25 the market supply curve for catfish will shift to the right
- 26
- $5.50.
- 27 Produce with an economic loss.
- 28 The ATC, MC, and market price would all decrease.
- 29 D: Potential competition exists
- 30. The Sherman Act
- 3 of them a wrong.
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