Firms tend to raise the price of their goods after acquiring a firm that sells a substitute good because
a. They lose market power
b. There is an increase in the overall demand for their products
c. The bundle has a more elastic demand than individual goods
d. The bundle has a more inelastic demand than individual goods
d
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When people say, "government officials act on the basis of the property rights which they perceive," they mean
A) government officials are inherently conservative. B) government officials do not have to be concerned about information being scarce. C) government officials make decisions based on the expected consequences to themselves. D) government officials will ordinarily not confiscate property without due process of law.
The market supply curve
a. is found by vertically adding the individual supply curves. b. slopes downward. c. represents the sum of the prices that all the sellers are willing to accept for a given quantity of the good. d. represents the sum of the quantities supplied by all the sellers at each price of the good.
What matters to people is the face value of money or income.
Answer the following statement true (T) or false (F)
Which of the following is TRUE for a monopolistically competitive firm?
A. MR = AFC B. MR > P C. MR < P D. MR = P