If there is a decrease in industry supply while the industry demand curve remains the same, then an individual firm in a perfectly competitive industry currently earning profits will see its profits

"A single-price natural monopoly that is regulated to set price equal to marginal cost incurs an economic loss." True or false? Explain

What will be an ideal response?

A perfectly competitive hardware manufacturer has total revenue of $85 million, total variable costs of $45 million, and fixed costs of $10 million. What is the firm's producer surplus?

A) $85 million B) $70 million C) $40 million D) $30 million