What is the equilibrium output and profit

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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

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