The most common reason for the existence of oligopolies is
A. product homogeneity
B. advertising.
C. economies of scale.
D. ease of entry.
Answer: C
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A player can choose among three strategies: T, M, and B. Nevertheless, strategy B is dominated by strategy T. This means that
A) strategy T is always played. B) strategy B is never played. C) strategy B will be part of a Nash equilibrium. D) strategy M is never played.
Which of the following could explain an increase in labor supply to a particular labor market?
a. a reduced preference for this type of work b. a decrease in the size of the population c. an increase in the number of firms in the market d. a rightward shift of the marginal revenue product curve for labor at a typical firm e. a reduction in wage rates for similar types of work
Janine would be willing to pay $50 to see Les Misérables, but she buys a ticket for only $30 . Janine values the performance at
a. $20. b. $30. c. $50. d. $80.
Microeconomics is the study of economics from the standpoint of:
a. The entire economy, or large sectors of it b. Specific economic units which make up our economic system c. All consumers and producers in the economy d. The aggregate levels of income, employment, and prices