When two firms collude to maximize profit the total quantity produced by both firms taken together is determined at the quantity where ________
A) excess capacity is minimized
B) industry marginal cost equals industry marginal revenue
C) the price equals the industry's marginal cost
D) excess capacity is as large as possible zero
B
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Refer to Scenario 9.1. If Sheb places ________ sheep on the commons, Monty is better off placing ________ on the commons
A) 4; 4 B) 5; 5 C) 5; 4 D) Both A and C are correct.
The disposal and settlement of the public lands, according to Hughes and Cain (2011),
(a) went pretty much, in practice, as Jefferson had envisioned. (b) had both intended and unintended consequences. (c) occurred in an orderly and efficient manner for the most part. (d) was adequately funded and well-organized in execution.
The current account reflects
a. trade in tangible products b. trade in goods as well as services c. trade in services only d. the purchase of securities from foreigners e. the sale of securities to foreigners
An equilibrium in which each individual optimizes, taking market prices as given, is called
a. a Nash equilibrium. b. a Walrasian equilibrium. c. an Edgeworth equilibrium. d. a robust equilibrium.