In the above figure, at a price of $8, a perfectly competitive firm produces ________ and it ________
A) 0; incurs an economic loss
B) 0; makes zero economic profit
C) some output; makes zero economic profit
D) some output; makes an economic profit
C
Economics
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Suppose consumers save 3 percent of their incomes. If the government collects 1 dollar in taxes from each taxpayer, private saving will ________ per taxpayer
A) decrease by 97 cents B) increase by $1 C) increase by 97 cents D) decrease by 3 cents
Economics
If India has an absolute advantage in rug production when compared to England, then:
a. India should export rugs to England. b. England should export rugs to India. c. international trade should not occur. d. England uses fewer resources to produce rugs than India. e. India uses fewer resources to produce rugs than England.
Economics