Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at $0.20 per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how many pounds of potatoes will be consumed in total?

Which of the following economic activities is ignored in GDP accounts?

A) The market value of medical services B) The market value of educational services C) The market value of illegal drugs D) The market value of prescription drugs E) The market value of the services associated with used-car dealers

An "opportunity cost" may be described as:

a. the value of what must be gtiven up b. the opporrtunity foregone c. the value of the next best alternative d. the correct measure of cost e. all of these are correct