Refer to the information below. If the firms' managers form a price -fixing cartel that maximizes the firms' total profit, what is the total economic profit made by all firms?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month.
A) 3,375,000,000
B) $10,125,000,000
C) $575,000,000
D) $54,000,000
B) $10,125,000,000
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The principle of opportunity cost
A) is applicable to all decision-making. B) only refers to monetary payments. C) is more relevant for firms than for individuals. D) is only relevant in economics.
The table above gives the domestic demand and supply schedules for a good. Suppose the world price of the good is $40 and the government imposes a $20 per unit tariff. How much will the government collect as tariff revenue?
A) $160 B) $360 C) $320 D) $240 E) $80
Describe the three ways that banks normally earn revenue
What will be an ideal response?
Macroeconomic forces are a powerful explanation for changes in the size of the poverty population
Indicate whether the statement is true or false