Antitrust laws give the Justice Department the authority to challenge potential mergers between companies in an effort to safeguard society from monopoly power
a. True
b. False
Indicate whether the statement is true or false
True
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If average total cost is $50 and average fixed cost is $15 when output is 20 units, then the firm's total variable cost at that level of output is
A) $1,000. B) $700. C) $300. D) impossible to determine without additional information.
If Jenna buys a CD at a price of $10, she gets a consumer surplus of $20 . This means she
a. does not have enough money to buy the CD b. will not buy the CD since marginal utility is not high enough c. was willing to pay as much as $30 for the CD d. was willing to pay as much as $20 for the CD e. will have $30 left over after she buys the CD
A decrease in supply of X increases the equilibrium price of X, which reduces the demand for X and automatically returns the price of X to its initial level.
Answer the following statement true (T) or false (F)
Suppose Michael is willing to drive across town to save 40 percent on a sweatshirt with a list price of $80. If Michael is rational, this implies that he should
A. not be willing to drive across town to save 40 percent on a microwave with a list price of $200. B. be willing to drive across town to save 40 percent on a book with a list price of $30. C. not be willing to drive across town to save $35 on a shirt with a list price of $70. D. be willing to drive across town to save 10 percent on a guitar with a list price of $320.