Tariffs and quotas are effective in protecting industry
A. but at very high cost per job saved.
B. and at very low cost per job saved.
C. but have not saved any jobs in the industries.
D. and do not distort the economy in the process.
Answer: A
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A Nash equilibrium in the duopoly game
A) means that one player has greater market power. B) occurs when each player takes the best possible action regardless of the strategy chosen by other firms. C) will always lead to equilibrium in which the firms' total profit is the largest. D) can occur only if firms cooperate with each other. E) means that a firm must be able to determine its actions and the actions of its competitor.
Production indifference curves generally have a positive slope.
Answer the following statement true (T) or false (F)
Given the scenario described, if the market price of hammers decreased from $15 to $10:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. total producer surplus falls by $5. B. producer surplus for each producer falls by $5. C. Bob's Hardware no longer sells hammers. D. total producer surplus falls by $15.
In the taste-for-discrimination model:
A. a decline in discrimination will reduce the actual African-American-white wage ratio. B. an increase in collective discrimination coefficients of employers will reduce the demand for African-American workers, decrease the African-American wage, and increase African- American employment. C. firms that discriminate will have lower costs than firms that do not discriminate. D. competitive forces will tend to reduce discrimination in the very long run.