Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic:
A. loss of $320.
B. profit of $480.
C. profit of $280.
D. profit of $600.
B. profit of $480.
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The share of income received by different groups is called ________
Fill in the blank(s) with correct word
The income of consumers increases. and the wage rate in the DVD industry increases. As a result
A) the price of DVDs stays the same and the quantity sold can either increase or decrease, depending on whether the change in demand is greater than the change in supply. B) the price of DVDs increases and the quantity sold can either increase, decrease or stay the same depending on whether the change in demand was greater than the change in supply. C) the equilibrium quantity sold increases and price can either increase or decrease, depending on whether the change in demand is greater than the change in supply. D) the equilibrium quantity sold can either increase or decrease and the price can either increase or decrease, depending on whether the change in demand was greater than the change in supply.