In the above table, the firm
A) must be in a perfectly competitive market because its marginal revenue is constant.
B) must be in a perfectly competitive market because its marginal cost curve eventually rises.
C) cannot be in a perfectly competitive market because its short-run economic profits are greater than zero.
D) cannot be in a perfectly competitive market because its long-run economic profits are greater than zero.
A
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Capture theory is
A) an economic theory of regulation. B) a model about perfect competition. C) the same as the public interest theory. D) the theory that regulators capture firms' attention by dictating a very low price. E) a theory that explains behavior of competitive firms.
Refer to the figure above. What is the domestic price of pens in Lithasia?
A) $1 B) $2 C) $3 D) $6