Refer to Figure 12-8. Suppose the firm produces 4,000 units. What does the shaded area labeled B represent?

Using the data in the above table, what is the average product of three employees?

A) 2 pizzas per hour B) 3 pizzas per hour C) 4 pizzas per hour D) 12 pizzas per hour

A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earning negative accounting profits

a. True b. False Indicate whether the statement is true or false