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Author Question: In the above figure, the movement from point C to point A is the result of A) a decrease in the ... (Read 70 times)

kfurse

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on: Jun 29, 2018
In the above figure, the movement from point C to point A is the result of
 
  A) a decrease in the price of coffee.
  B) an increase in the price of coffee.
  C) a decrease in the price of gasoline.
  D) an increase in the price of gasoline.

Question 2

What is the relationship between the price, P, and the average total cost, ATC, for a firm in perfect competition that makes an economic profit? That makes zero economic profit? That incurs an economic loss?
 
  What will be an ideal response?


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chloejackso

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

If the price is greater than the average total cost, P > ATC, the firm makes an economic profit. If the price equals the average total cost, P = ATC, the firm makes zero economic profit. If the price is less than the average total cost, P < ATC, the firm incurs an economic loss.


kfurse

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

kilada

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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