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Author Question: Refer to the figure above. What is the surplus enjoyed by the firm when it is the sole supplier of ... (Read 79 times)

itsmyluck

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on: Jun 29, 2018
Refer to the figure above. What is the surplus enjoyed by the firm when it is the sole supplier of the medicine?
 
  A) 30
  B) 60
  C) 90
  D) 180

Question 2

Which of the following statements is true?
 
  A) In a competitive market, the invisible hand encourages the movement of resources from more productive uses to less productive uses.
  B) In a competitive market, firms in the long run tend to earn positive economic profits.
  C) Competitive equilibrium provides incentives for entrepreneurs to shift their resources from unprofitable industries to profitable ones.
  D) At the competitive equilibrium, production occurs at the point of maximum average total cost.


ynlevi

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

C

Answer to Question 2

C


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