If Slick Shades, a sunglasses manufacturer, merges with Best Lens, a lens manufacturer, and the combined firm is able to reduce the number of accounting departments from two to one, the merger created ________.
A) managerial diseconomies
B) technological interdependencies
C) synergies
D) a hold-up problem
C) synergies
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A macroeconomic equilibrium occurs when the
A) quantity of real GDP demanded is greater than the quantity of real GDP supplied. B) quantity of real GDP demanded equals the quantity of real GDP supplied and both equal potential GDP. C) quantity of real GDP demanded equals the quantity of real GDP supplied even if they are not equal to potential GDP. D) quantity of real GDP demanded is less than the quantity of real GDP supplied. E) None of the above answers is correct.
If a firm is a price taker in both the input and output markets, its marginal revenue product of labor is given by:
a. the price of its output times the labor's marginal physical productivity. b. the marginal value product of labor. c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital. d. all of the above.
Economics is the study of
A) nonhuman phenomena. B) the determinants of preferences. C) scarce resources and unlimited wants. D) the physical sciences.
The long-run aggregate supply curve would be represented by which line?
Refer to the graph above.
A. 1
B. 2
C. 3
D. 4