A merger of firms that compete in the same market is classified as a conglomerate merger
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in producer surplus is
A) 25. B) 5. C) 12.5. D) 20.
Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. If you make 1,000 t-shirts, your average total cost is ________.
A. $1.03 B. $3 C. $10.30 D. $3.10
Refer to Figure 4-1. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
In the long run,
A. all of the firm’s input quantities are variable. B. the firm can vary the quantities of some but not all inputs. C. managers become less efficient. D. the total cost of producing any given level of output is greater than or equal to the short-run total cost of producing that level of output.