Refer to the information below. If the firms' managers form a price -fixing cartel that maximizes the firms' total profit, what is the total quantity produced by all firms?
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) 450,000 B) 22,000 C) 225,000 D) 45,000
C) 225,000
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Another name for plurality voting is:
A. instant runoff voting. B. first-past-the-post voting. C. pair-wise majority voting. D. approval voting.
Over the last 100 years or so, the U.S. economy has grown annually at an average rate of:
A. 1 %. B. 2 %. C. 3 %. D. 4 %.
According to Keynesian theory, the most important determinant of saving and consumption is
A. the returns on stocks and bonds B. the level of real disposable income. C. the stock of liquid assets. D. the level of consumer indebtedness.
All of the following are true regarding perfectly competitive price determination EXCEPT
A. the individual firm takes the market price as given. B. the individual firm is known as a market price maker. C. the individual firm's marginal revenue curve is horizontal at the market price. D. the market price is determined by the interactions among all buyers (households) and firms.