The table above gives the demand for a monopolist's output. What is the total revenue when 3 units of output are produced?

What does it mean to say economics is an empirical science, and how is this related to the question of deciding on the usefulness of a model?

What will be an ideal response?

Suppose that in a perfectly competitive market, firms are making economic profits. In the long run, we can expect to see:

a. some firms leave. b. the market price rise. c. market supply shift to the left. d. economic profits become zero. e. production levels remaining the same as in the short-run.