There are only two firms in an industry with demand curves q1 = 30 - P and q2 = 30 - P. Both have no fixed costs and each has a marginal cost of 10 per unit produced
If they behave as profit maximizing price takers, each produces 10 units and sells them at a price of 10 so that each firm makes zero economic profits. If they form a cartel, their inverse demand curve is A) Q = 30 - P.
B) Q = 60 - 2P.
C) P = 60 - 2Q.
D) P = 30 - Q/2.
D
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Whether one views the discretionary policies of the 1960s and 1970s as destabilizing or believes the economy would have been less stable without these policies, most economists agree that
A) stabilization policies proved more difficult in practice than many economists had expected. B) stabilization policies proved not to be inflationary. C) the nondiscretionary policymakers were right in believing that the private economy is inherently stable. D) the discretionary policymakers were right in believing that the private economy is inherently stable.
Things that cause the demand to shift?
What will be an ideal response?
Which of the following affects both the marginal and average total cost curves of a firm in the short run?
A. A change in consumer income. B. A change in property taxes. C. A change in profit taxes. D. A change in payroll taxes.
Refer to the graph below. Which of the following statements is correct on the basis of the information shown?
A.
Real GDP must be deflated in each year after 2000 to determine nominal GDP
B.
Nominal GDP must be inflated in each year since 2000 to determine real GDP
C.
Nominal GDP must be deflated in each year before 2000 to determine real GDP
D.
Nominal GDP must be inflated in each year before 2000 to determine real GDP