Calculate Equilibrium Output And Profiit


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


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.

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