The demand for microwaves in a certain country is given by: D = 8,000-30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, the domestic quantity demanded will be ________ and quantity supplied will be ________.

Refer to Figure 10.1. If two lights are installed, the person who was not responsible for the light being installed receives a payoff of

A) 4. B) 6. C) 8. D) 12.

Assume a firm is a monopoly and enjoys $10,000,000 profits per year. The firm lobbies to have a moratorium passed by Congress on new firms in its market for the next 25 years. If there is no discount rate, how much would any firm(s) arguing against the moratorium be willing to spend to block it?

A) something less than $250 million B) $250 million C) $251 million D) $250 billion