The above figure shows the market for apples. If the government restricts output to no more than 300 pounds, then
A) 300 pounds of apples will be sold at $3.
B) 200 pounds of apples will be sold at $3.
C) no apples will be sold.
D) None of the above.
B
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When a firm becomes so large it is difficult to coordinate and control, it is most likely that
A) economies of scale have begun. B) diseconomies of scale have begun. C) average total cost begins to fall. D) long-run average costs become negative. E) there are increasing marginal returns to increasing the firm's plant size.
How does a firm measure its profit?
What will be an ideal response?
If Polaroid wanted damages against Kodak for infringing on its instant development film process, and the courts found a high positive cross elasticity between purchases of Polaroid instant film and 35 mm regular film, would that have strengthened or weakened Polaroid’s claim against Kodak?
What will be an ideal response?
Fireworks on the night on July 4th are neither rival nor excludable.
Answer the following statement true (T) or false (F)