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Question 24 3 pts D Question 22 3 pts A price maker will always make economic profits. O is a characteristic held by a perfectly competitive firm must set the price at the market price. can sell its product at 6.57 has some control over the price it charges. Demand 20 25 30 35 Quantity Calculate the amount of profit the firm shown above would earn. D Question 25 3 pts When two or more companies set prices or quantities, economists refer to them as 0 $66. O $272. O perfectly competitive market O none; this firm must shut down or lose all of its fixed cost. O monopolistically competitive market. O $20. monopoly O predatory pricing unit. colluding D Question 26 3 pts Question 23 6 pts A player's best strategy regardless of the strategies other players choose is called a(n) efficient strategy People magazine and US magazine are trying to decide how many subscriptions to sell. If they both sell 200, they will each earn $40,000 in profit. If they both sell 400, they will each earn surplus maximization strategy. $25,000 in profit. If one sells 200 and the other sells 400, the one who sells 200 will earn O equilibrated strategy. $20,000 in profit and the one who sells 400 will earn $60,000 in profit. O dominant strategy. In this game, selling _ subscriptions a month is a dominant strategy for People. selling subscriptions a month is a dominant strategy for US. D Question 27 3 pts The_ illustrates the combinations of two goods that a society can produce if all of its 400; 200 resources are being used efficiently. O 200; 200 O concept of absolute advantage O 400; 400 law of positive statements O 200; 400 principle of comparative advantage O law of demand production possibilities frontier (PPF)