Refer to the given data. At the profit-maximizing level of employment, this firm's total revenue will be:
A. $16.
B. $32.
C. $24.
D. $30.
D. $30.
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Oscar and Felix are the only firms that clean offices in a large city. They agree to operate as a cartel. The payoff matrix above shows the economic profit that each firm can make. If the game is played only once, then ________
A) Felix and Oscar will each make $10 million economic profit B) Felix will comply and Oscar will make $12 million economic profit C) Felix and Oscar will each make $1 million economic profit D) Felix will cheat and Oscar will make -$2 million economic profit
In Figure 6-5, if price falls from point A to point B along the unit-elastic demand curve,
A. total expenditure remains unchanged. B. total expenditure increases. C. total expenditure decreases. D. total expenditure first increases and then declines.
When quantity demanded decreases in response to a change in price:
A. the demand curve shifts to the left. B. the demand curve shifts to the right. C. there is a movement from one point to another along the demand curve
The measure of production that values production using current prices is called
A) value-added GDP. B) nominal GDP. C) real GDP. D) underground GDP.