U.S. per capita GDP is roughly how much larger than the world average?

Suppose the government has declared beer to be an illegal substance and has imposed equal penalties on any person caught buying a beer and on any person caught selling a beer

Using the above figure, in which CBL is the cost of breaking the law, what is the equilibrium price and quantity with this new law in effect? 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

A monopoly shuts down when

A) the short run price is below its average variable costs. B) the long run price is below its average variable costs. C) the average cost is less than price. D) never, because it can raise its prices as high as necessary to keep operating and maximize profits.