The above figure shows the competitive market for turkey. The producer surplus for the 300 millionth pound of turkey is
A) $1.20 per pound.
B) $135 million.
C) $0.30 per pound.
D) $0.80 per pound.
C
Economics
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Suppose the demand for pork is given by the equation
Q = p-0.5pc0.2 where pc is the price of chicken. Compute the cross-price elasticity of demand for pork
Economics
If we observe firms earning zero economic profits in the short run, we know that
A) the industry must be perfectly competitive. B) the industry must be either perfectly competitive or monopolistically competitive. C) there must not be any barriers to entry. D) any market structure is possible since firms under any market structure can earn zero profits at some time.
Economics