If a firm has a market price of 3, a profit maximizing output level of 70, and an ATC of $2, what would be the total economic profit?

If there is a change in the ability of a firm to produce a given level of output with a given level of inputs, we say there is

A) an increase in labor productivity. B) a movement along a given per-worker production function. C) technological change. D) human capital investment.

Which of the following is a main characteristic of exchanges in the market system?

A) Decisions to trade are based on individuals' self interest. B) Exchanges are highly regulated by the government. C) Sellers hire economists to determine the market clearing price. D) Exchanges are part of the legislative imperative.