Which joint profit is earned when the two firms charge different prices from each other?
a. $18,000
b. $17,600
c. $17,400
d. $12,000
c. $17,400
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Resources that are privately owned are less likely to be depleted than resources that are not privately owned
Indicate whether the statement is true or false
If a monopolist owns or controls a key resource necessary for production, it is a source of:
A) legal market power. B) natural market power. C) regulated market power. D) restricted market power.
The degree of a factor's specificity is inversely related to
A) the mobility of the factor, with more mobile factors having less specificity. B) the amount of time required to redeploy the factor to a different industry. C) the cost of the factor as a proportion of the long-run total cost of production. D) technology differences between two countries, with a less advanced technology resulting in less factor specificity. E) factor quality, with lower quality factors having a lower level of specificity.
If potential output exceeds actual output, the economy:
A. is in neither a short-run nor long-run equilibrium. B. is experiencing a recessionary gap. C. is experiencing an inflationary gap. D. may be in a long-run equilibrium but is not in a short-run equilibrium.