Refer to Table 15-1. What is the firm's profit-maximizing output and what is the price charged to sell this output?
A) P = 65; Q = 14 B) P = 70; Q = 13 C) P = 80; Q = 11 D) P = 85; Q = 10
Question 2
Refer to Figure 13-13. If the diagram represents a typical firm in the market, what is likely to happen in the long run?
A) Inefficient firms will exit the market and new cost-efficient firms will enter the market.
B) New firms will enter the market causing the demand to decrease for existing firms.
C) Competition will be intensified as firms strive to make long-run profits.
D) Some firms will exit the market causing the demand to increase for firms remaining in the market.
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