The California gold rush resulted in
A) an increase in the amount of money in circulation and higher prices throughout the country.
B) no change in the amount of money in circulation and higher prices throughout the country.
C) an increase in the amount of money in circulation and higher prices only in California.
D) no change in the amount of money in circulation and higher prices only in California.
A
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If a monopolistically competitive seller's marginal cost is $3.56, the firm will increase its output if
A) its marginal revenue is less than $3.56. B) its marginal revenue is equal to $3.56. C) its marginal revenue is more than $3.56. D) average total cost is less than $3.56. E) Both answers A and D are correct.
In an indefinitely repeated game, a firm might use a ________ to ________ a rival that defects from a cooperative strategy
A) trigger strategy; threaten B) trigger strategy; punish C) legal maneuver; sue D) tacit threat; dissuade
Regarding new inventions, which of the following statements is not true?
A. A new invention typically has little competition. B. This effective monopoly on the market earns the inventor abundant profit. C. That profit gets the attention of other potential inventors, who create competing products. D. Reduced to zero economic profits, the inventor goes out of business.
A tariff has the effect of:
A. raising the price of the imported product. B. increasing the demand for the exported product. C. increasing the demand for the imported product. D. increasing the supply of the imported product.