The exiting of firms from a perfectly competitive industry occurs when
A) opportunity costs cannot be covered.
B) P = ATC.
C) accounting profit is less than economic profit.
D) MR equals MC.
Answer: A
Economics
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If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good, then for that consumer, consumer surplus amounts to
a. $4. b. $16. c. $20. d. $36.
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