Use the figure above to answer this question. Consider a perfectly competitive market experiencing good times
Figure ________ shows a firm maximizing profit in the short run because it produces ________ units and makes an economic profit of ________. A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
E) C; 110; $2 per unit
A
Economics
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The output of MP3 players should be:
A. reduced if marginal benefits exceed marginal costs. B. reduced if marginal costs exceed marginal benefits. C. increased if marginal costs exceed marginal benefits. D. reduced to zero if their unit costs exceed the unit costs of alternative products.
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Demand-side market failures refer to those situations when there is a shortage in the market because buyers want to buy more than what is available in the market.
a. true b. false
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