Joe's budget constraint equals 500 = 2F + 100S, where $500 is Joe's income, $2 is the price of food (F, y-axis) and $100 is the price of shelter (S, x-axis). How much food can Joe buy if he buys one unit of shelter?

The figure illustrates the short-run costs of Paul's Picture Frames Inc The picture frame market is perfectly competitive and the market price is $30 a frame

Paul produces ________ frames each week, makes ________ of total revenue, and makes zero ________ profit. A) 200; $4,000; economic B) 300; $9,000; normal C) 200; $4,000; normal D) 300; $9,000; economic

Which of the following statements is TRUE?

A) Perfectly competitive markets are efficient, but monopoly markets never are efficient. B) Perfectly competitive markets always reach equilibrium but monopoly markets never reach equilibrium. C) Perfect price discriminating monopolists can eliminate all deadweight losses and achieve efficiency. D) All the above statements are true.