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Solution Library
Calculate Equilibrium Output And Profiit
Question
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
Summary
These multiple choice questions belong to Economics. The 1st question is about economic profits and the 2nd question is about calculating equilibrium output and profit.
Total Word Count NA
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