The amount a firm receives after all costs have been paid.

The shape of the long-run industry supply curve in a perfectly competitive industry is largely determined by: a. the shape of the short-run industry supply curve. b. the price of inputs as the industry expands

c. the price elasticity of market demand. d. the shape of the average fixed cost curve.

If a government enacts a price floor on agricultural products to protect wheat farmers, the result is likely going to be

a. an increase in price with a surplus of wheat. b. an increase in price with a shortage of wheat. c. a decrease in price with a surplus of wheat. d. a decrease in price with a shortage of wheat.