When Churchill County residents voted whether to continue allowing two brothels to operate, the government was acting as:
A. public goods supplier.
B. actor.
C. big spender.
D. referee.
Answer: D
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Refer to Horizontal Merger. If area F + G is larger than area E, we can conclude that the horizontal merger
The following questions refer to the accompanying diagram, which shows the effects of a horizontal merger. Before the merger, the firm behaves competitively producing Q0 and charging P0. The merger lowers the firm's marginal cost and gives the firm enough market power to switch to the monopoly equilibrium.
a. will reduce economic efficiency.
b. causes both consumers' and producer's surplus to rise.
c. will not increase the firm's profit and thus will not be undertaken.
d. creates an increase in social gain.
What is the structure of the Federal Reserve Bank System?
What will be an ideal response?
In the short run, a perfectly competitive firm will shut down if
a. its total costs exceed its revenues. b. its total variable costs exceed its revenues. c. its total fixed costs exceed its revenues. d. it can't earn a positive economic profit.
The conundrum between valuable water and a relatively unusable diamond is explained by the
a) Paradox of life. b) Paradox of count. c) Paradox of utility. d) Paradox of value.