View the step-by-step solution to:


a.Should we produce this product?

b.In what amount should we produce this


c.What economic profit (or loss) will we realize?

d.All of the above

  1. In the short run, firms in which market structure will maximize profit by producing the output where marginal revenue equal marginal cost?

a.Purely Competitive



d.All of the above

  1. Economists generally define the Long Run as a period of:

a.10 Years

b.25 Years

c.50 Years

d.There is no set time period which defines the Long Run- it varies by industry

  1. The price of security equipment used by businesses to protect against illegal entry falls, decreasing the demand for night guards. This is an example of:

a.Change in Productivity

b.Change in the Price of Another Resource

c.Change in Product Demand

d.None of the Above

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