The merger of a firm in one industry with another firm in the same industry that sells similar products is called a:
A. Vertical merger
B. Secondary merger
C. Horizontal merger
D. Conglomerate merger
C. Horizontal merger
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A fruit packing plant usually shuts down for three months each year. During that period, what happens to its costs?
a. Its fixed costs are greater than zero. b. Its variable costs are greater than zero. c. Its total costs are zero. d. Its fixed costs are zero.
Holding all other forces constant, if increasing the price of a good leads to an increase in total revenue, then the demand for the good must be
a. unit elastic. b. inelastic. c. elastic. d. None of the above is correct because a price increase always leads to an increase in total revenue.
________ is/are the market value of final goods and services produced within a country during a given period of time.
A. Transfer payments B. Value added C. Consumption D. GDP
All of the following conditions must exist for the median-voter theorem to hold except that:
A. candidates win by majority vote. B. the policy being voted on must be uncontroversial. C. there is a single one-dimensional policy question. D. there are only two candidates.