A firm in a competitive market has the following cost structure: Output Total Cost
0 $5
1 $10
2 $12
3 $15
4 $15
5 $24
6 $40

If the market price is $16, this firm will

a. produce 4 units of output in the short run and exit in the long run.
b. produce 5 units of output in the short run and exit in the long run.
c. produce 5 units of output in the short run and face competition from new market entrants in the long run.
d. shut down in the short run and exit in the long run.

Brenda wants a new car that will be dependable transportation and look good. she wants to satisfy both functional and psychological needs. true or false

Match each economic concept with the scenarios that illustrates it

Consider the following potential events that might have occurred to global on december​ 30, 2016. for each​ one, indicate which line items in​ global's balance sheet would be affected and by how much. also indicate the change to​ global's book value of equity. a. global used $ 19.8$19.8 million of its available cash to repay $ 19.8$19.8 million of its​ long-term debt. b. a warehouse fire destroyed $ 4.9$4.9 million worth of uninsured inventory. c. global used $ 4.6$4.6 million in cash and $ 5.1$5.1 million in new​ long-term debt to purchase a $ 9.7$9.7 million building. d. a large customer owing $ 3.2$3.2 million for products it already received declared​ bankruptcy, leaving no possibility that global would ever receive payment. e. ​global's engineers discover a new manufacturing process that will cut the cost of its flagship product by more than 48 %48%. f. a key competitor announces a radical new pricing policy that will drastically undercut​ global's prices.