Positive economic profits in a perfectly competitive market imply that:
A) producers are earning more than their opportunity cost.
B) existing firms are likely to leave the market.
C) the cost of production is equalized across producers.
D) government intervention is required to stabilize the market.
A
Economics
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The supply curve of a public good shows
A) the marginal cost of producing each unit of the good. B) the total quantities that all producers are willing and able to supply at each price. C) the maximum amount suppliers require to produce each quantity of the good. D) the total cost of producing each unit of the good.
Economics
In what type of market do these gas stations operate? What determines the price of gasoline and the marginal revenue from gasoline?
What will be an ideal response?
Economics