The intersection of the x axis and the y axis is called the

When a perfectly competitive industry is taken over by a monopoly, some consumer surplus is transferred to the monopolist in the form of

A) marginal cost. B) economic profit. C) deadweight loss. D) taxes. E) average variable cost.

In a competitive industry buffeted by demand supply shocks, prices increase and decrease, but economic profits tend to revert to zero. Hence, profits are exhibiting

a. Above-average return b. Positive earnings c. Mean reversion d. None of the above