market with four firms in competition with each other has a equilibrium price of $25 and equilibrium quantity of 200,000. If the four firms form a cartel, the cartel, set price will be ________ than $25 and the set quantity will be ________ than 200,000.
A) greater; less
B) less; greater
C) greater; greater
D) less; less
A) greater; less
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Suppose a perfectly competitive firm faces the following cost and revenue conditions: ATC = $25.50; AVC = $20.50; MC = $25.50; MR = $28.50. The firm should
A) decrease output. B) increase output. C) shut down. D) continue to produce its current output.
John is a U.S. citizen who works for Walmart located in France. John's work contributes to:
A. U.S. GDP, but not U.S. GNP. B. U.S. GNP, but not U.S. GDP. C. both U.S. GDP and U.S. GNP. D. neither U.S. GDP nor U.S. GNP.
If the actual market price were fixed at $15 per unit in Figure 3.2,
Figure 3.2 Supply and DemandÂ
A. There would be a shortage of 40 units. B. There would be a shortage of 20 units. C. There would be a surplus of 20 units. D. There would be a surplus of 40 units.
The natural monopoly in Figure 13.3 wants to produce:
A. Q1. B. Q2. C. Q3. D. Q4.