What is the equilibrium output and profit

Reference no: EM13825557

Questions-

1. Economic profits in a competitive market lead to _________ firms in the industry, causing a(n) ______________ in the industry supply and a(n) ____________ in the market price.

A) more; increase; increase

B) fewer; decrease; increase

C) more; decrease; decrease

D) more; increase; decrease

2. Use the following to answer the question:

What is the equilibrium output and profit?

A) 12 units and $180

B) 12 units and $360

C) 12 units and $120

D) 12 units and $240

Additional Information-

These multiple choice questions related to Economics. The first question is about economic profits and the second question is about calculating equilibrium output and profit.

Reference no: EM13825557

Questions Cloud

Social work ethics and principles : It is possible that legal systems can cause conflict when they intersect with social work ethics and principles.

Critical path method and gnatt chart : Operations Management, Critical Path Method and Gnatt Chart Example

Produce a fully functional gui program : Produce a fully functional GUI program in accordance with the specifications mentioned below. The program will be used to determine and display the final mark of students

Write a comprehensive summary of the book : Write a comprehensive summary of the book Project Management and Risk Management in Complex Projects: Studies in Organizational Semiotics in 7500 words

What is the equilibrium output and profit : These multiple choice questions related to Economics. The first question is about economic profits and the second question is about calculating equilibrium output and profit.

Operation management compare and contrast adm- pert : Operations Management Compare and Contrast ADM, PERT, PDM, CPM and Gantt Charts

Justice at a community level in australia : Write an essay addressing social justice at a community level in Australia

Positive aspects of the state of georgia reward system : Based on the features of a good reward system as described in the chapter, what are the positive aspects of the state of Georgia's reward system

Statement review of john selden : "I cannot fancy to myself what the law of nature means, but the law of God. How should I know I ought not to steal, I ought not to commit adultery, unless somebody had told me so?

User Account

All Pages