Corporate profits are taxed by state and local governments, but not by the federal government

You are given the following market data for Venus automobiles in Saturnia

Demand: P = 35,000 - 0.5Q Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. Calculate the equilibrium price and quantity. b. Calculate the consumer surplus in this market. c. Calculate the producer surplus in this market.

Concentration may influence leading firm profit regardless of whether entry is easy

Indicate whether the statement is true or false