Suppose the larger firm of a duopoly has sales of $400 million and the smaller firm has sales of $100 million. The market share of the larger firm is
A. 40 percent.
B. 10 percent.
C. 20 percent.
D. 80 percent.
Answer: D
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A government subsidy paid to a firm i. increases the demand for the good. ii. has no effect on the supply of the good. iii. leads to an increase in the equilibrium quantity
A) i only B) i and ii C) ii only D) iii only E) i and iii
The market where one currency is converted into another currency is called the ________ market
A) stock B) bond C) derivatives D) foreign exchange
The rule for efficient output selection is stated as MC = MU. Explain how the rule results in economic efficiency.
What will be an ideal response?
Which of the proposals for education reform is likely to be supported by an economist concerned with efficiency?
A. Give families “education stamps” to be spent at the school of their choice. B. Assign children to particular schools based on where they live. C. Give all schoolchildren the same number of years of education. D. Abolish private (i.e., fee-charging) schools.