Suppose a market with a Cournot structure has five firms and a market price elasticity of demand equal to -2. What is a Cournot firm's Lerner Index?
A) .1
B) .2
C) .5
D) 1
A
Economics
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The more equal the income distribution in a society, the smaller the Gini coefficient
Indicate whether the statement is true or false
Economics
In the above figure, over the price range P5P6, demand is
A) unit elastic. B) elastic. C) perfectly inelastic. D) inelastic.
Economics
After a hurricane, several gas stations decide to keep their gas prices at the prehurricane level. An economist who most likely believes that there has to be some rational reason for this behavior is more than likely a(n):
A. engineering economist. B. irrational economist. C. traditional economist. D. Keynesian economist.
Economics
Most empirical studies show that firms' long-run average cost curves:
A. are L-shaped. B. are downward sloping. C. are upward sloping. D. are flat.
Economics