In the above figure, the profit-maximizing monopolistically competitive firm will
A) make a profit of $24,000.
B) make a profit of $30,000.
C) make a profit of $0.
D) incur a loss of $20,000.
B
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Which of the following are expected consequences of common ownership of property and resources?
(a) The threat of corrupt use (b) The danger of over use (c) Free riding (d) All of the above
A corporation’s income is taxed
A. immediately after it is deposited in the bank. B. only before it is distributed to its owners. C. only after it is distributed to owners. D. both before and after it is distributed to owners.
In using the composite-good convention in an indifference curve diagram, economists
a. compare the prices of market baskets at different points in time. b. divide the world's production into two classes, goods and services. c. divide the world's goods into two classes, high quality goods and low quality goods. d. lump together all goods but one into a single good measured in a single unit, like dollars.
When a proposed merger between two companies is reviewed by the government, the relevant market is defined by
A) how elastic the demand is for each firm's product. B) how much advertising is done in the industry. C) whether or not there are close substitutes for the products of the two firms. D) counting the number of firms that produce the same product.