An improvement in a firm's technology that improves productivity results in a(n):
A. leftward shift of the supply curve.
B. upward movement along the supply curve.
C. willingness to supply a larger quantity than before at any given price.
D. downward movement along the supply curve.
Answer: C
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The public goods problem refers to the tendency for private individuals to provide pure public goods in less-than-socially-ideal amounts because of free riding
Indicate whether the statement is true or false
Which is true of output-choice models of oligopoly behavior?
A) Both the Stackelberg and Cournot models can be constructed as sequential games. B) The Stackelberg, but not the Cournot, model can be constructed as a sequential game. C) The Cournot, but not the Stackelberg, model can be constructed as a sequential game. D) Neither the Cournot nor the Stackelberg model can be constructed as a sequential game, but other output-choice models can be. E) There is no relationship between any output-choice model and sequential games.
The essential logic behind international trade is not different from that underlying trade among different states. Why, then, do we study international trade as a special subject?
You are considering staying in college another semester so that you can complete a major in economics. In deciding whether or not to stay you should
a. compare the total cost of your education to the total benefits of your education. b. compare the total cost of your education to the benefits of staying one more semester. c. compare the cost of staying one more semester to the benefits of staying one more semester. d. compare the total benefits of your education to the cost of staying one more semester.