The chief function of the Federal Reserve is to be the federal government's tax collection institution
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the table below. If the cost per unit of advertising is constant at $550, what is the level of advertising per week that maximizes the industry joint profit?
Suppose the dairy industry is made of up only by the three firms above; Cow Haven, Free Cows, and Happy Cows.
A) 4 B) 5 C) 3 D) 2
Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the profit in millions of dollars for each firm. Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175Assume that firm B adopts a low-price strategy while firm A maintains a high-price strategy. Compared to the results from a high-price strategy for both firms, firm B will now
A. gain $50 million in profit and firm A will lose $75 million in profit. B. gain $75 million in profit and firm A will lose $50 million in profit. C. lose $75 million in profit and firm A will gain $50 million in profit. D. gain $50 million in profit and firm A will lose $50 million in profit.