Privatization of government agencies:
A. happens more frequently during recessions.
B. has rarely occurred since the 1890s.
C. has become less popular since the 1980s.
D. has become more popular since the 1980s.
Answer: D
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Refer to Figure 15-17. If this firm were able to perfectly price discriminate, which of the following areas would represent the profit to this perfectly discriminating monopolist?
a. ACG b. BCFE c. ABE d. EFG
Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is KGC's total revenue function?
A. TR = 50Q - 0.0025Q2 B. TR = 50Q + 0.0025Q2 C. TR = 20,000 - 400P D. TR = 50 - 0.005Q
Which of the following would decrease the price of packaged hot dogs?
a. An increase in the price of hot dog buns, a complement to packaged hot dogs. b. A decrease in the price of hamburger meat, a substitute for packaged hot dogs. c. A technological advance that lowers the cost of producing packaged hot dogs. d. All of these.
Which of the following describes the longrun situation in a monopolistically competitive market?
a. Competition drives out firms until there is only one left. b. New firms enter the market because of monopoly profits, the demand curve shifts to the left and becomes flatter, and profits disappear . c. New firms enter the market and eventually there is only one kind of product, and each firm agrees to share the profits. d. Consumers are left with no choices and no close substitutes, and firms make higher profits.