The above figure shows the long-run cost curves for a typical firm in a competitive market. If the number of firms is unrestricted and input costs are constant, derive the long-run market supply curve

Using the above figure, CBL is the cost of breaking the law. What is the equilibrium price and quantity if beer is legal?

A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beer C) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer

The supply of money is easier to control with commodity money than it is with fiat money

Indicate whether the statement is true or false