The figure above shows a perfectly competitive firm. If the market price is $40 per unit, then the firm produces ________ units and makes an economic profit that is ________.

The above figure shows a firm’s cost curves and its marginal revenue curve. The price for the shutdown point is  

Jungle Camping offers overnight camping in tree houses built on its 35-acre property. Workers are hired to build and maintain the tree houses. Which of the following are true statements?i.    The land and the trees grown are considered natural resources.ii.   The demand for trees and land is not a derived demand because supply is limited.iii.  The demand for workers is considered a derived demand because they help produce the service of tree house camping.

Which of the following shift the supply of labor curve leftward?i.    an advancement in technologyii.   a decrease in the price of the product that the labor producesiii.  a decrease in the adult population

Figure 16-3This figure depicts a situation in a monopolistically competitive market.   Refer to Figure 16-3. What is the profit-maximizing price, quantity, and resulting profit?

The figure above shows the market supply of labor curve. Which of the following might be the reason the labor supply curve shifted from S0 to S1?

LZ and AP are the only two airport shuttle and limousine rental service companies in the mid-sized town of Erie, PA. Each firm must decide on whether to offer its customers a mid-week discount for airport transportation. The table shows the payoff matrix for profits earned by each company based on either offering or not offering the discount. What is the Nash equilibrium in this game?

Table 17-2Imagine a small town in which only two residents, Abby and Brad, own wells that produce safe drinking water. Each week Abby and Brad work together to decide how many gallons of water to pump. They bring water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Abby and Brad can pump as much water as they want without cost so that the marginal cost is zero. The weekly town demand schedule and total revenue schedule for water is shown in the table below: Quantity(in gallons) Price Total Revenue(and Total Profit) 0 $12 $0 1 $11 $11 2 $10 $20 3 $9 $27 4 $8 $32 5 $7 $35 6 $6 $36 7 $5 $35 8 $4 $32 9 $3 $27 10 $2 $20 11 $1 $11 12 $0 $0 Refer to Table 17-2. Suppose that Abby and Brad work together to operate as a profit-maximizing monopolist. What price will they charge for water?

Suppose in Philadelphia the quantity of economists demanded is less than the quantity supplied by 2,000 economists. As a result,

The payoff matrix shown above assumes that Pretty Petunia’s (PP) and Fabulous Flowers (FF) must decide whether to offer same-day delivery for their products. The matrix shows how much profit each firm will earn if it does or does not offer same-day delivery. The amount of profit for one firm depends on whether the other firm offers same-day delivery. Which of the following statements is true?