In the above figure, the distance between A and B represents this monopoly firm's
A) total profit.
B) total revenue.
C) average profit per unit.
D) average cost per unit.
C
Economics
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In the long run, a perfectly competitive firm can make an economic profit because its marginal cost equals its average total cost
Indicate whether the statement is true or false
Economics
Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. From the data above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles d. should export textiles to Great Britain.
Economics