Consider the market for blackberry cell phones. assume the market is perfectly competitive and at a market-clearing equilibrium. what area represents consumer surplus? 1.) use the triangle drawing tool to shade in consumer surplus. label this area 'consumer surplus'. what area represents producer surplus? 2.) use the triangle drawing tool to shade in producer surplus. label this area 'producer surplus'. carefully follow the instructions above, and only draw the required objects.

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.

Southeastern oklahoma state university's business program has the facilities and faculty to handle an enrollment of 2,000 new students per semester. however, in an effort to limit class sizes to a "reasonable" level (under 200 generally), southeastern's dean, holly lutze, placed a ceiling on enrollment of 1,600 new students. although there was ample demand for business courses last semester, conflicting schedules allowed only 1,440 new students to take business courses. the utilization rate for southeastern=%the efficiency rate for southeastern=%

The era of venture capitalists doling out large sums of money to startups is a. just beginning b. on the rise c. over d. fading