Refer to the information below. If the firms compete, how much do each of the firms earn in profit?
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) $100,000 B) $50,000 C) $0 D) $10,000
C) $0
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Which of the following is a thrift institution? i. a credit union ii. the Fed iii. a savings bank
A) i only B) ii only C) iii only D) Both i and iii E) i, ii, and iii
When net capital flows are positive,
A) net foreign investment is negative. B) capital inflows are greater than capital outflows. C) capital outflows are greater than capital inflows. D) A and B are both correct.
Which of the following is most likely to be a fixed resource for Paul's Country Fresh Pies, Inc?
a. berries b. flour c. bakers d. eggs e. ovens
Which of the following statements is correct?
A. The market demand curve of the perfectly competitive industry is downward sloping while the demand curve of an individual firm is horizontal with a height equal to the product price. B. The demand curve of the perfectly competitive industry is elastic as are the demand curves facing the individual firms. C. The market demand curve of perfect competition is inelastic because the individual consumers are buying a homogeneous product. D. The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.