Author Question: Refer to Figure 13-14. Which of the following statements describes the firm depicted in the diagram? ... (Read 69 times)

Kthamas · **on:** Jun 29, 2018

Refer to Figure 13-14. Which of the following statements describes the firm depicted in the diagram?

A) The firm is making no economic profit and will exit the industry.
B) The firm is in long-run equilibrium and is breaking even.
C) The firm is suffering an economic loss by producing at Q0 but will break even if it increases its output to Q1.
D) The firm achieves productive efficiency by producing at Q0.

Question 2

All but one of the following economists were awarded a Nobel prize for their contributions to experimental economics and their explorations of the influence fairness has on consumer decision-making.

Which economist did not receive a Nobel Prize for this work?
A) Daniel Kahneman B) Vernon Smith C) Alan Krueger D) Maurice Allais

tashiedavis420 · **Reply #1 on:** Jun 29, 2018

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