Suppose there are 100 firms each with a short run total cost of STC = q2 + q + 10, so that marginal cost is MC = 2q +1 . If market demand is given by QD = 1050 ? 50P, what is the equilibrium price?

In a perfectly competitive market the long-run demand and supply curves are Q = 12 - P and Q = 5P respectively. Producer surplus in this market equals

A) 0. B) 5. C) 10. D) It cannot be determined without more information.

With which choice are you more likely to avoid Bid-rigging cartels?

a. Holding smaller auctions b. Holding larger auctions c. Holding frequent auctions d. Both B&C