Multiple Choice
If the short-run market supply curve and the demand curve intersect above the long-run market supply curve,firms will experience ________ economic profits,meaning the price is ________ the minimum point on the average total cost curve.
A) positive; above
B) positive; below
C) negative; above
D) negative; below
E) zero; above
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Graph a perfectly competitive profit-maximizing firm that
Q3: A farmers' market is close to being
Q4: Refer to the accompanying graph to answer
Q5: Holding all else constant,a decrease in the
Q6: The perfectly competitive firm's short-run supply curve
Q7: Refer to the accompanying figure to answer
Q8: Refer to the accompanying graph. <br> <img
Q9: One difference between implicit costs and explicit
Q10: If the short-run supply curve,the demand curve,and
Q11: Refer to the accompanying graph. <br> <img