Suppose that in the short run, price is greater than the average total cost (ATC) of production in a perfectly competitive market. What will happen to this market in the long run?

If a monopoly firm is continually earning above-normal profits, then

Of the following conditions, which one is a requirement for price discrimination?

Wine and cheese are complement goods because they are consumed together. What would we expect to happen to the equilibrium quantity of cheese if the price of wine increased and all else is held constant? 

Decision makers engage in marginal thinking by 

Crying is a way to communicate.

The competitive firm’s short-run supply curve is that portion of the

Which of the following trade-offs does the production possibilities frontier illustrate?

The “too big to fail” doctrine, which became widely discussed during the Great Recession, refers to:

The minimum points of the average variable cost and average total cost curves occur where