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Author Question: In the above figure, when the price of a gallon of gasoline falls, which points in the above figure ... (Read 43 times)

xclash

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on: Jun 29, 2018
In the above figure, when the price of a gallon of gasoline falls, which points in the above figure are used to derive points on the consumer's demand curve for gasoline?
 
  A) points A and B
  B) points A and C
  C) points B and C
  D) points A, B, and C

Question 2

If the market price is less than a perfectly competitive firm's average total cost, what sort of profit or loss is the firm making?
 
  What will be an ideal response?


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cpetit11

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

B

Answer to Question 2

If the price is less than the average total cost, the firm is incurring an economic loss.


xclash

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

sultansheikh

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

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