Suppose abercrombie & fitch sells clothing in a monopolistically competitive loading... market and that a farmer sells oranges in a perfectly competitive market. 1.) use the line drawing tool to draw the type of demand curve likely faced by abercrombie & fitch. label this lineupper d subscript afdaf. 2.) use the line drawing tool to draw the type of demand curve faced by an individual orange farmer. label this line upper d subscript oranges oranges. carefully follow the instructions above, and only draw the required objects.

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Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)