Three firms agree to operate as a monopoly and charge the monopoly price of $40 for their product and (jointly) produce the monopoly quantity of 50,000 units. If the competitive price for the product is $35, under the Clayton Act these three firms face treble damages of ________.

A firm's demand for labor is known as a "derived demand" because:

a. the firm gains utility from hiring more labor. b. the amount of labor hired depends upon how much output the firm can sell. c. the wage rate paid to workers is derived from the market for labor. d. it's derived from the demand for capital.

Other things being equal, the more elastic demand is: a. the lower the deadweight loss is resulting from the imposition of a particular tax on a product. b. the greater the deadweight loss is resulting from the imposition of a particular tax on a product. c. the greater the fraction is of the burden of the tax borne by consumers

d. the greater the tax revenue collected by the government is.