In a perfectly competitive market, if market price is lower than the average total cost of production:
A) new firms will enter the market.
B) existing firms will leave the market.
C) all existing firms will earn positive economic profits.
D) all existing firms will earn zero economic profits.
Question 2
Which of the following does a social planner necessarily need to know to restore efficiency in a monopoly market?
A) The monopolist's marginal costs only
B) The buyers' demand for a close substitute of the product sold in the market
C) The monopolist's marginal revenue and the tax levied on the sale of the good
D) The monopolist's marginal costs and the buyers' willingness to pay for the good
The primate dental formula illustrated for (a) the lower dentition of an Old World monkey and (b) th
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