Phil sells duck calls in a perfectly competitive market. If duck calls sell for $10 each and average total cost per unit is $11 at the profit-maximizing output level, then in the long run

Which of the following changes would not shift the supply curve for a good or service?

You lose your job and, as a result, you buy more frozen pizzas. For you, frozen pizza are a(n)

Without government intervention, public goods tend to be

This figure reflects the market for outdoor concerts in a public park surrounded by residential neighborhoods. Figure 10-3 Refer to Figure 10-3. What price and quantity combination best represents the optimum price and number of concerts that should be organized?

Figure 17-2. Two companies, Acme and Pinnacle, each decide whether to produce a good quality product or a poor quality product. In the figure, the dollar amounts are payoffs and they represent annual profits for the two companies. Refer to Figure 17-2. Which of the following statements is correct?

The adage, “There is no such thing as a free lunch,” is used to illustrate the principle that

A movement upward and to the left along a demand curve is called a(n)

Figure 21-10 Refer to Figure 21-10. Which of the following statements is NOT correct?

Which of the following is not a characteristic of a competitive market?