Q20 QUESTION 19If your total profit is 8000 dirhams and your total revenue is 10000 dirhams. How much is your total cost?O a. 3000 dirhams.O b. 1500 dirhams.c. 2000 dirhams.O d. 1000 dirhams.QUESTION 20In a perfect competitive market, companies will make zero profits in the long run becauseO a. Too much competition.O b. They do not know how to produce.O c. Little competition.O d. None of the above is correct.QUESTION 21A decrease in price will increase consumer welfare or consumer surplus due toa. New consumers paying a higher price, and old consumers leaving the market.b. New consumers paying a lower price, and old consumers leaving the market.O c. Old consumers paying a higher price, and new consumers entering into the market.O d. Old consumers paying a lower price, and new consumers entering into the market.

Perfect competition describes a market arrangement in which major vendors of a good all provide the…

QUESTION 20 In a perfect competitive market, companies will make zero profits in the long run because O a. Too much competition. O b. They do not know how to produce. O C. Little competition. O d. None of the above is correct.

QUESTION 20 In a perfect competitive market, companies will make zero profits in the long run because O a. Too much competition. O b. They do not know how to produce. O C. Little competition. O d. None of the above is correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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