If individuals can credibly cooperate and split the gains, which payoff is the most likely? A: Not CheatA: CheatB: Not CheatA: 1, B: 50A: 1, B: 1B: CheatA: 2, B: 1A: 5, B: 5
A. 2, 1
B. 5, 5
C. 1, 11
D. 1, 1
Answer: C
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The figure above shows the market demand curve for a market with three firms. It also shows a firm's marginal cost curve. In this oligopoly, what is the range of output and prices? Why does this range of outcomes exist?
What will be an ideal response?
A country has an absolute advantage in the production of a good if that country
a. can produce the good using fewer resources than another country would require b. has the lowest opportunity cost of producing the good and can produce it with the fewest resources c. has the lowest opportunity cost of producing the good regardless of whether it is produced with the fewest resources d. has the greatest opportunity cost of producing the good regardless of whether it is produced with the fewest resources e. has the greatest opportunity cost of producing the good and produces it with the fewest resources
The difference between accounting profit and economic profit relates to
a. the manner in which revenues are defined b. how total revenue is calculated c. the market structure for the firm's industry d. the price of the good in the market e. the manner in which costs are defined
Which of the following countries had the highest per capita income in 2010?
A. China B. United States C. Japan D. Germany