Advocates of steel tariffs to protect American steel firms realize that when imposing such tariffs the gains of firms are outweighed by the losses to consumers. This implies that
A) such advocates value producer surplus more than consumer surplus.
B) such advocates want to help consumers.
C) such advocates value consumer surplus more than producer surplus.
D) such advocates value producer surplus and consumer surplus equally.
A
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The production and cost information provided in the table above for Flaming Fernando's, a restaurant that sells Fiery Frijoles, is for the
A) short run because there are no variable costs. B) short run because there is a fixed cost. C) long run because there are no variable costs. D) long run because there are no fixed costs. E) short run and long run because the total cost increases as production increases.
In a two-player simultaneous game, if player A has a dominant strategy and player B does not, player B will
A) employ a mixed strategy. B) choose his best strategy assuming that player A plays her dominant strategy. C) not achieve a Nash equilibrium. D) assume that player A does not choose her dominant strategy.
Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = water in gallons. Suppose the price of water is $.10 per gallon and the price of beans is $10 per pound. The expansion path is
a. B = 10W b. B = .1W c. B = W d. ?10 = B + W
In a theoretical sense, the "entrepreneurs" at a corporation are its
a. managers b. stockholders c. bondholders d. research and development staff e. boards of directors