A duopoly is an industry with two firms in it.
Answer the following statement true (T) or false (F)
True
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If marginal revenue exceeds marginal cost, to increase its profit the firm will
A) decrease its output. B) increase its output. C) keep its output the same. D) shut down.
The primary source of revenue for local governments is _____
a. income taxation b. sales taxation c. estate taxation d. property taxation
Refer to the table below. If the cost per unit of advertising is constant at $900, what is the level of advertising per week that maximizes the industry joint profit?
Suppose the dairy industry is made of up only by the three firms above; Cow Haven, Free Cows, and Happy Cows.
A) 3 B) 5 C) 2 D) 4
Antitrust laws attempt to promote competition by controlling
a. market structure only b. market conduct only c. market structure and performance d. market structure and conduct e. market structure, conduct, and performance