The difference between the total amount that people would have been willing to pay for the total quantity produced and consumed in a market and what they actually pay at the market clearing price is called

In long-run equilibrium, the monopolistically competitive firm:

a. will break even. b. will cease to advertise. c. will earn a positive economic profit. d. will face a perfectly elastic demand curve. e. will no longer need to engage in non-price competition.

A fishing boat owner sells her entire catch of 20,000 fish and maximizes profit that is equal to $7,000 . Suppose fish prices increase and you are asked to calculate her profit knowing that she now sells 30,000 fish. If fish prices increased by $3 per fish, what can you say about her new profit level?

a. profit > $90,000 b. profit < $97,000 c. profit < $90,000 d. profit > $67,000 e. profit > $10,500