The above figure shows a motel engaged in monopolistic competition with other motels. The equilibrium quantity at this motel is ________ rooms per day
A) 200
B) 300
C) 400
D) 500
E) 100
B
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With capital on the vertical axis and labor on the horizontal axis, vertical isoquants imply that
A) capital and labor are perfect substitutes. B) capital and labor must be used together in a certain proportion. C) capital is not productive. D) labor is not productive.
If you knew that an investment was going to pay you $215,892.50 in 10 years, and you knew that the annual interest rate over that time would be 8 percent, you could calculate the present value to be:
A. $80,000. B. $100,000. C. $150,000. D. $125,000.
Command systems in the Soviet Union and Eastern Europe failed primarily because of coordination and incentive problems.
Answer the following statement true (T) or false (F)
Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off. We can conclude that this outcome
a. cannot be a Nash equilibrium. b. must be Pareto optimal. c. will not occur when the players use mixed strategies. d. is a Stackelberg equilibrium.