Figure 10-2
Figure 10-2 shows demand and short-run cost curves for a perfectly competitive firm. In the short run, this firm would
a.
earn positive economic profits.
b.
earn economic losses.
c.
go out of business.
d.
Cannot be determined with the information given.
b
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If the demand for cell phone service is inelastic, then
A) the percentage change in quantity demanded is greater than the percentage change in price (in absolute value). B) the percentage change in quantity demanded is equal to the percentage change in price. C) the quantity demanded does not change in response to changes in price. D) the percentage change in quantity demanded is less than the percentage change in price (in absolute value).
Refer to the below table. The marginal product of the third unit of the resource is:
A. 3
B. 4
C. 5
D. 6