The figure above shows the costs for a grower in the perfectly competitive turnip industry. If the price is 1,400 for a ton of turnips, the firm is
A) making an economic profit.
B) making zero economic profit.
C) incurring an economic loss.
D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.
Question 2
The table gives the demand and supply schedules for fireworks on the Island of Big Bang. In the past, because many deaths have resulted from accidents involving fireworks, the government has banned fireworks and is enforcing the ban.
A 5 a firework penalty on buyers of fireworks and a 4 a firework penalty on sellers will reduce the number of fireworks bought to ________ a week and the price paid by buyers will be ________ a firework. A) 80; 7
B) 40; 13
C) 0; an unknown amount
D) 160; 11
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