Cartels provide uniform management, but none of the advantages of economies of scale
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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When buyers and sellers optimize in a perfectly competitive market, ________
A) social surplus is maximized B) social surplus is minimized C) only consumer surplus is maximized D) only consumer surplus is minimized
Economics
Suppose a production function is q = K1/2L1/3 and in the short run capital (K) is fixed at 100 . If the wage is $10 and the rental rate on capital is $20, the fixed cost is
a. $2,000 b. $200 c. $20,000 d. $0
Economics