Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is the profit maximizing sales price?

A currency system in which governments try to keep the values of their currencies constant against another is called a ________ exchange rate system

A) flexible B) consistent C) fixed D) stable

Beginning in 1965, the head of the Antitrust Division of the U.S. Department of Justice began to change antitrust policy. How did antitrust policy change?

A) For the first time horizontal mergers were allowed—with government approval—and vertical mergers were allowed without need for approval from the government. B) For the first time concentration ratios were used to evaluate the degree of competition in the industries of firms that proposed mergers. C) Proposed mergers no longer needed the approval of the Federal Trade Commission or the court system. D) The Division began to systematically consider the economic consequences of proposed mergers.