A firm with market power has an individual consumer demand of Q = 20 ? 4P and costs of C = 4Q. What is the optimal amount of this product to package in a single block?
A. 4
B. 5
C. 3
D. 2
Answer: A
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If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of
A. both products to the right. B. both products to the left. C. grapefruit to the right. D. oranges to the left.
To determine guilt of cartelizing, the antitrust laws use
A) evidence of conspiracy. B) economic effect. C) evidence of tacit collusion without meeting. D) None of the above.
The major reasons why economists have grown increasingly skeptical about countercyclical fiscal policy are
a. irreversibility, forward looking behavior, and the reaction of the Federal Reserve. b. irreversibility, forward looking behavior, and the negative effects of imports. c. timing problems, irreversibility, and forward looking behavior, d. timing problems, irreversibility, and the reaction of the Federal Reserve. e. timing problems, irreversibility, forward looking behavior, and the reaction of the Federal Reserve.
Per capita income growth is measured by
a. income growth – population growth b. income growth × population growth c. income growth/population growth d. income/population e. income growth + population growth