Refer to Labor Demand and Labor Supply. Suppose firms in the industry earn zero profit. The total rental payment made to the industry's capital is measured by

When we cannot produce more of any good without giving up some other good that we value more highly, we have achieved

A) production. B) equity. C) allocative efficiency. D) the production point where the marginal benefit exceeds the marginal cost by as much as possible.

Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. If Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price, then what will be Quick Buck's economic profit?

A. $4,000 B. $3,000 C. $1,000 D. $2,000