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
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QUESTION 19
If 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 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 21
A decrease in price will increase consumer welfare or consumer surplus due to
a. 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.
Transcribed Image Text:QUESTION 19 If 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 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 21 A decrease in price will increase consumer welfare or consumer surplus due to a. 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.
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