The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $30?

A monopolistically competitive firm is similar to

A) a monopoly in the short run because it can make an economic profit in the short run and is similar to a perfectly competitive firm in the long run because it cannot make a positive economic profit. B) a perfectly competitive firm in the short run because it cannot make an economic profit in the short run and is similar to a monopoly in the long run because it can make an economic profit. C) a monopoly because it can make an economic profit in both the short run and long run. D) a perfectly competitive firm because its economic profit is equal to zero in both the short run and long run.

Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What are the implicit costs of her business?

A) $12,000 B) $30,000 C) $72,000 D) $86,000