In which of the following market structures with 2 identical firms do both firms produce more than the Cournot outcome?
A) Stackelberg Oligopoly
B) Cartel
C) Perfect Competition
D) None of the above.
C
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In the above figure, the efficient quantity of milk is
A) 10 million gallons per day. B) 5 million gallons per day. C) zero gallons per day. D) None of the above because all of the quantities are efficient.
Human capital is best defined as
(a) the amount of wealth people have. (b) the amount of money people have to spend on schooling. (c) human capacities that raise productivity. (d) the average education level of the population.
A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
A. 0. B. the quantity. C. 1. D. infinity.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa