Suppose the market demand curve for cable internet service is completely elastic. At the market equilibrium price under perfect competition, the consumer surplus in this market equals:
A) total consumer expenditures.
B) total sales revenue.
C) zero.
D) an amount slightly more than total consumer expenditure.
C
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The government is likely to block a merger if:
A. the firms remaining would all earn economic profit. B. it can be established that the merger would substantially reduce competition. C. the firms remaining would be able to charge a price above marginal cost. D. the firms that are merging are producing different products.
The long-run industry supply curve ________ in a decreasing-cost industry.
A. is vertical B. slopes down C. is horizontal D. slopes up
Refer to the data provided in Table 10.1 below to answer the following question(s).
Table 10.1 
Refer to Table 10.1. The marginal revenue product of the third worker is
A. $5. B. $25. C. $125. D. $375.
Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the marginal utility he receives from iced tea is 16 utils, and the marginal utility he receives from lemonade is 8 utils
Instead of consuming this bundle, Alfred should: A) buy more iced tea and less lemonade. B) buy more lemonade and less iced tea. C) buy more iced tea and lemonade. D) buy less iced tea and lemonade. E) none of the above is necessarily correct.