For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus

Under perfect competition, if an industry is characterized by positive economic profits in the short run

a. firms will leave the market in the long run and the short-run supply curve will shift outward. b. firms will enter the market in the long run and the short-run supply curve will shift outward. c. firms will enter the market in the long run and the short-run supply curve will shift inward. d. firms will leave the market in the long run and the short-run supply curve will shift inward.

Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Josh is

a. painting one room b. painting 1/40 of a room c. painting 1/60 of a room d. painting 2/3 of a room e. painting 3/2 of a room