The Single European Act was put in place in an attempt to Multiple Choice convince Great Britain to remain in the EU. determine the viability of a common currency. expand the role of the EU into northern Africa. remove all impediments to the formation of a single market. create a planned economy.

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.