Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of producer surplus after the imposition of the price floor?

For a perfectly competitive rancher in Wyoming, if the price does not change, an economic profit could turn into an economic loss if the

A) average total cost curve shifts downward. B) average total cost curve does not change. C) average total cost curve shifts upward. D) marginal cost curve shifts downward. E) average fixed cost decreases.

If a household's opportunity cost of performing a task is above the market price, then household usually performs that task

Indicate whether the statement is true or false