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Author Question: In a perfectly competitive market in the short run, as the market demand increases, the firms ... (Read 117 times)

mwit1967

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on: Jun 29, 2018
In a perfectly competitive market in the short run, as the market demand increases, the firms ________ their output and their economic profit ________.
 
  A) increase; increases
  B) increase; decreases
  C) decrease; decreases
  D) decrease; increases

Question 2

In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Which of the following statements about comparative advantage is CORRECT?
 
  A) Brandon has a comparative advantage in both plowing and planting.
  B) Brandon has a comparative advantage only in plowing.
  C) Brandon has a comparative advantage only in planting.
  D) Christopher has a comparative advantage in both plowing and planting.


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blakcmamba

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

A

Answer to Question 2

C


mwit1967

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

pratush dev

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Reply 3 on: Yesterday
Excellent

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