Once profit is maximized at the output level where MR = MC, profit can be calculated by subtracting the ATC from price and multiplying the result by the quantity produced

Political factors influence international trade because

a. foreign trade always involves at least two governments. b. foreign governments are much less concerned with the welfare of citizens in other countries. c. foreign governments often establish impediments to free international trade. d. All of the above are correct.

A surplus quantity will occur when

a. quantity demanded is greater than quantity supplied. b. price is above equilibrium. c. demand is elastic. d. price is below equilibrium.