Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50, what is the firm's economic profit?
A) zero
B) $2.50 per hour
C) $12.50 per hour
D) -$10.00 per hour
B
Economics
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The area of economic profit shown in the above figure for the single-price monopolist is
A) bed. B) P3P5fc. C) 0P5fQ1. D) 0P4eQ3.
Economics
The U.S. inflation rate ________ in the 1960s and 1970s, ________ in the 1980s, and ________ in the 1990s and 2000s.
A. was steady; rose sharply; fell B. rose; fell sharply; remained low C. rose; fell sharply; rose again D. was steady; rose sharply; remained high
Economics