If the firm is maximizing profits, this firm charges a price of
A. $12.
B. $13.
C. $16.
D. $25.
D. $25.
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Does government failure necessarily condone an extreme libertarian point of view where the government does not intervene in markets at all?
What will be an ideal response?
When a monopoly is created through government franchise,
a. the firm is assured of above-normal profit b. it is subject to government price regulation c. the firm will discontinue any rent-seeking activity d. price discrimination is forbidden e. the government prevents both entry and exit in the long run
An increase in the price of nonlabor inputs
A) shifts the AD curve leftward. B) shifts the SRAS curve leftward. C) is the same thing as a beneficial supply shock. D) shifts the AD curve rightward. E) shifts the SRAS curve rightward.
American workers in Iraq earn hazard pay. This is an example of a compensating differential.
Answer the following statement true (T) or false (F)