_____ is a decision tool that helps take into account the anticipated reactions of competitors.
A. Concentration ratios
B. Herfindahl-Hirschman index
C. Game Theory
D. Open collusion
C. Game Theory
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The idea behind the "Big Mac index" is a test of
a. interest rate parity theory. b. long-run equilibrium theory. c. purchasing power parity theory. d. exchange rate equalization theory.
Most economists
A. favor tariffs. B. favor quotas. C. advocate "fair trade." D. Economists do not favor any of these.
Recent decades have seen a trend toward globalization, which means that buying and selling in markets have crossed national borders to an increasing extent. As a result, firms and workers from different countries are increasingly interconnected. Globalization has occurred for a number of reasons. List three reasons and briefly describe their effect contributing toward globalization.
What will be an ideal response?
If we know average total cost and the amount of output, then we can always calculate total cost by
A) adding average total cost and the amount of output. B) subtracting the amount of output from average total cost. C) multiplying average total cost by the amount of output. D) dividing average total cost by the amount of output.