The table below shows the weekly supply for hamburgers in a market where there are just three sellers. Price Seller 1 Qs 1 Seller 2 Qs 2 Seller 3 Qs 3 $5 8 5 4 4 6 4 3 3 4 3 2 2 2 2 1 If seller 3 exits the market (goes out of business), then the weekly market quantity of hamburgers supplied at a price of $4 will be
A. 6
B. 9
C. 10
D. 13
Ans: C. 10
You might also like to view...
About ___________ of the U.S. population moves each year
a. 5% b. 10% c. 15% d. 35%
Under the Clayton Act, which of the following was illegal, even if it was not shown to lessen competition substantially?
a. Price discrimination. b. Tying contract. c. Horizontal mergers by stock acquisition. d. Interlocking directorates.
In a market-oriented economy, most economic decisions about what to produce, how to produce, who will produce, and for whom to produce are made by buyers and sellers
a. True b. False Indicate whether the statement is true or false
Consider the Cobb-Douglas production function F(L,K) = AL?K?. Which of the following statements is true?
A. Increases in ? increase labor's productivity and raise MRTSLK. B. Decreases in ? increase labor's productivity and raise MRTSLK. C. Increases in ? increase labor's productivity and lower MRTSLK. D. Changes in ? will not affect MRTSLK.