If a firm hires labor for $20,000, pays rent of $12,000, buys raw materials for $6,000 from another firm, earns profits of $3,000, and sells its output for $41,000, the value added by the firm is _____

Refer to Figure 5-4. What does S2 represent?

A) the market supply curve that reflects external cost B) the market supply curve that reflects social benefit C) the market supply curve that reflect private cost D) the market supply curve that reflects social cost

In which of the following market structures with 2 identical firms do both firms produce more than the Cournot outcome?

A) Stackelberg Oligopoly B) Cartel C) Perfect Competition D) None of the above.