A perfectly competitive hardware manufacturer has total revenue of $85 million, total variable costs of $45 million, and fixed costs of $10 million. What is the firm's producer surplus?

A business cycle is

A) the pattern of short-run upward and downward movements in total output. B) the increase in consumer spending that accompanies an increase in disposable income. C) the cyclical change in the nation's balance of trade. D) the cyclical movement in the interest rates.

A monopolistically competitive firm in the long run ________

A) is inefficient because it makes zero economic profit B) produces a profit-maximizing amount of output that is less than capacity output C) is efficient because it makes zero economic profit D) sets its price equal to its marginal cost