Bill operates a boat rental business in a competitive industry. He owns 10 boats and pays $1,000 per month on the loan that he took out to buy them

Curve A represents which type of cost curve (see the graph above)?
average fixed cost

Which of the following is not a characteristic of a perfectly competitive market?
many firms have market power

When firms are said to be price takers, it implies that
marginal revenue is equal to price

For a certain firm, the 100th unit of output that the firm produces has marginal revenue of $10 and a marginal cost of $11. It follows that the
firm's profit-maximizing level of output is less than 100 units

What is John's Vineyard's economic profit at its profit-maximizing output level (see the table below)?

$115

Bill operates a boat rental business in a competitive industry. He owns 10 boats and pays $1,000 per month on the loan that he took out to buy them. He rents each boat for $200 per month. The variable cost for each boat rental is $50. In the off season, Bill should
operates his business as long as he rents at least 1 boat per month

The fundamental cause of monopoly is
barriers to entry

(Refer to the graph below to answer the following 3 questions)

What price will the monopolist charge?
B

How much output will the monopolist produce?
K

What area measures the monopolist's profit?
(B-G)*K

Which of the following is an example of price discrimination?
all of the above

What is the profit-maximizing price, quantity, and resulting profit (see the graph below)?

P=$80, Q=20 units, profit=$200

In which of the following product markets are we likely to observe the largest amount of advertising?
markets with highly differentiated products