Profit and supply
Not what you're looking for?
Question 1
If the long run market supply is perfectly elastic a fall in demand would cause the final equilibrium to be at:
a) The same price but at lower output
b) A lower price and a lower output
c) A lower price but at the same output
d) The same price and the same output
Question 2
True or False
A perfectly competitive firm in the long run earns zero economic profits and zero normal profits.
Purchase this Solution
Solution Summary
This solution helps with a problem involving profit and supply.
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts
This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.
Economics, Basic Concepts, Demand-Supply-Equilibrium
The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.
Elementary Microeconomics
This quiz reviews the basic concept of supply and demand analysis.
Pricing Strategies
Discussion about various pricing techniques of profit-seeking firms.
Basics of Economics
Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.