Suppose that initially, the equations for demand and supply are Qd = 48 - 4P and Qs = 4P - 16, respectively. If the quantity supplied decreases by 4 at every price (so that the supply curve shifts to the left), the equilibrium price will change from:

Which statement is true?

Which industry is likely to be concentrated with weak pricing power?

Which of the following conditions exist in long-run competitive equilibrium?
I). P = LRAC
II). Individual firms operate at the most efficient scale of plant.
III). The level of output produced coincides with the minimum point on the LRAC curve.

A mortgage loan of $250,000 is obtained for 30 years. The annual interest rate is 12%. The first month's payment is $2571. How much principal is repaid in the first month?