The figure above shows a perfectly competitive firm. The firm is operating; that is, it has not shut down. The firm produces
A) 20 units of output and makes zero economic profit.
B) 20 units of output and incurs an economic loss.
C) 10 units of output and makes zero economic profit.
D) 10 units of output and incurs an economic loss.
D
Economics
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If demand is downward sloping and there is tax on the good, Consumer surplus equals
a. The area between the demand curve and the price, up to the equilibrium quantity. b. Total surplus minus producer surplus. c. Total surplus minus producer surplus and government tax revenue. d. Total surplus minus producer surplus, government tax revenue, and dead-weight loss.
Economics
Systemic risks are most likely to exist with regard to
A. small governments. B. large governments. C. small financial institutions. D. large financial institutions.
Economics