The branch of economics which studies how households and firms interact in markets is called

Given the exit rule, where does a firm's long-run supply curve derive from? It is the section of the:

A. ATC curve to the right of its minimum. B. MC curve that lies above the ATC curve. C. MC curve that lies above the AVC curve. D. AVC curve to the right of its minimum.

A small country imports T-shirts. With free trade at a world price of $10, domestic production is 10 million T-shirts and domestic consumption is 42 million T-shirts. The country's government now decides to impose a quota to limit T-shirt imports to 20 million per year. With the import quota in place, the domestic price rises to $12 per T-shirt and domestic production rises to 15 million T-shirts per year. The quota on T-shirts causes domestic producers to

A. gain $25 million. B. gain $30 million. C. gain $5 million. D. lose $5 million.