Today, firms in a perfectly competitive market are making an economic profit. In the long run, firms will ________ the market until all firms in the market are ________.
A) exit; covering only their total fixed costs
B) enter; making zero economic profit
C) exit; producing at the minimum point on their long-run average cost curve
D) enter; making zero normal profit
Question 2
Van, whose utility of wealth curve is shown in the above figure, owns a home that is valued at 100,000. Initially there is a 10 percent chance that the house will be destroyed by hurricane.
As the risk of destruction due to hurricane rises from 10 percent to 20 percent, the minimum cost of insurance A) stays the same.
B) increases by 10,000.
C) increases by 20,000.
D) increases by 30,000.
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