Three firms agree to operate as a monopoly and charge the monopoly price of $50 for their product and (jointly) produce the monopoly quantity of 10,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ________.
A) $3,000,000 B) $150,000 C) $450,000 D) $1,000,000
C) $450,000
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Which statement is true?
A. The number of people living on family farms has been increasing in recent years. B. Most farm subsidy payments go to large corporate farms. C. The United States' huge agricultural surpluses have completely eliminated starvation in this country. D. None of the statements are true.
A firm’s total profit is the difference between its sales and what it pays out in costs.
Answer the following statement true (T) or false (F)
Owners and managers
A) must be the same people. B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. D) may be different people with different but exactly complementary goals. E) may be different people with the same goals.
A fall in the value of the pound is likely to decrease spending on imports if: